Brussels — Foam manufacturer Recticel reported overall sales of EUR 1.3bn in 2015, up 5% on 2014, according to its 2015 annual results.
Flexible foam sales increased by almost 3% to EUR 543m over the full year 2015 compared to 2014. In Q4 2014, sales reached EUR 137m – a 3.8% hike on Q4 2014.
In the firm’s bedding segment, a “very strong” Q2 and Q3 were followed by Q4 sales of EUR 72.4m – 1.5% less than bedding sales were in Q4 2014. Total combined sales – including intersegment sales - for bedding over 2015 were 4.6% up on 2014, at EUR 294.5m. Sales “developed positively” in Germany, Scandinavia and Poland, the report said.
The firm’s 2015 insulation sales – which excluded contribution by the jv Kingspan Tarec Industrial Insulation sold in 2015 – were EUR 229.4m, up 8.4% on 2014. Insulation sales in Q4 were EUR 55.8m, up 6.2% on Q4 2014, the report said. Over the year, the insulation division's EBITDA was reported at EUR 33.4m – up 28.8% due to higher volumes, higher efficiencies and positive currency effects in the UK.
Recticel is confident of “further growth in the structural demand for high-performing PU building insulation products” due to regulatory change and stricter insulation standards and volatile energy prices among other reasons, according to the report.
The firm’s automotive seating sales increased over 8% to EUR 38.7m in Q4. Over 2015, sales increased 3% to EUR 148.6m. The restructuring costs for the seating division within Europe – which related to the closure of plants including Russelsheim in Germany, led to a decrease in 2015 EBITDA, the report said.
The firm’s EBITDA for auto seating was EUR 12.5m in 2014 and reported as EUR 9.9m in 2015, with the restructuring reported as costing EUR 4.2m.
The report also said Recticel decided in February 2016 to close its Noyen-sur-Sarthe plant in France. Costs for that closure will show in 2016 financial filings.