Panariagroup reports third-quarter growth

Panariagroup Industrie Ceramiche concluded the third quarter of 2015 with the same strong performance posted in the first half of the year. The Italian group closed the first nine months of the year with consolidated net sales revenues of 259.4 million euros (+19% with respect to 30/9/2014), an EBITDA of 24.2 million euros (+65.2%), an EBIT of 9.3 million euros (8.6 million euros more than the corresponding period the previous year) and consolidated net profits of 4.4 million euros (+6.4 million euros).

Exports made up 80% of total turnover, 50% of which was generated in non-European markets. In the US market, which accounts for 38% of the group's total revenues, turnover grew by 14% in dollar terms (and more sharply in euros due to the appreciation of the US dollar). This was largely a result of the positive contribution of Florida Tile, but also the appreciable growth of the Lea North America and Panariagroup USA divisions.

The European markets, which account for 30% of the group's total sales, showed an overall increase of 9%. Only French-speaking areas saw a small fall in turnover (-3%), while the group reported very strong performances in Portugal (where Gres Panaria Portugal is the leading player in terms of turnover) and in Germany, with growth of above 20% in both countries. Results were also very positive in Eastern Europe (+24% excluding Russia).

The group saw its market share continue to recover in Italy, where sales grew by 5%, largely due to the development of alternative sales channels.

All other markets (Asia, South America, Canada, Oceania and Africa) maintained the growth rates of recent years (around 20%), while especially high growth was reported in Asia and Africa. The "Other markets" category accounted for 12% of total revenues.

The outlook for the last quarter of the year has improved compared to the fourth quarter of 2014, and expectations are likewise positive for 2016, when the effects of the reorganisation of the Italian Business Unit will be manifested most clearly in terms of increased production and sales.