Brussels – Recticel’s first quarter 2022 sales are likely to be up 42% at about EUR294m, the company said in a trading statement.
Recticel sales up 42% in Q1 interim report
CEO Olivier Chapelle said that trading in the first quarter had been marked by strong inflationary pressures and supply chain disruptions. ‘While volumes have remained broadly supportive, our business and commercial teams are fully focused on the pass-through in selling prices of the inflation pressure affecting raw material, transport, energy, and labour costs,' he said.
Highlights were the contribution from FoamPartner, which is now fully consolidated, and a 28.1% increase in insulation foam sales.
The company added that its reorganisation is progressing, with the activation of a put agreement that forces joint venture partner Sekisui to buy the remaining 25% share of Proseat still owned by Recticel.
'We expect to complete [that] before the end of May 2022,' Chapelle said. 'We are making progress together with Carpenter in preparation of the closing of the engineered foams divestment around mid-2022.'