Amberg, Germany — Automotive Division sales at Grammer were up by 15.2% in the first half of 2019 at EUR 745m. In the same period last year sales were EUR 646.7m.
EBIT in the division was higher by 25.7% compared with the first half of 2018. EBIT was EUR 28.4 in the first half of 2019.
Although, Grammer said market conditions are 'deteriorating in the automotive industry and global passenger vehicles sales declining,' the company increased sales and margin in the first half. This was due to the purchase of thermoplastics automotive components maker TMD Group. This helped double revenue from the Americas in the period.
The purchase helped Grammer's other product division: Commercial Vehicles. Here sales grew by 15.2% between the first half 2018 and 2019. They reached EUR 332m the first half of 2019. This compares with EUR 308m in the first half of 2018.
EBIT in the division rose by 4.2%.It was EUR 32.5m the first half 2019. This compares with EUR 31.2m in the first half of 2018.
In total, company-wide sales were EUR 1bh the first half of 2019.This is higher by 13.4% than the same period in 2018.
EBIT across the business rose 2.2% and hit EUR 28.4m in the first half of 2019.
Grammer said that the rest of the year will be challenging. Geopolitical problems and a tough automotive sector will cap earnings and sales. Revenue should reach EUR 2.1bn by year end and EBIT 'will be clearly higher' than in 2018, said the company.
|Grammer numbers H1 2019 ( EUR m)|