SITI B&T Group posts growth in turnover and margins
Margins see double-digit growth: EBITDA +12% and Group net profit +39%. Export share reaches 88% of turnover.
In contrast to the preliminary results published by Acimac which estimate a 4.4% fall in the sector, the SITI B&T Group posted growth in 2018. Consolidated revenues grew to 206.2 million euros (up 1.4% from the 203.3 million euros of 2017), largely driven by the increase in sales of complete ceramic production lines in international markets. Export share reached 88.2% of turnover (compared to 83.5% in 2017), with substantial increases in the EMEA region and North and South America.
Consolidated operating margins also performed very strongly. EBITDA before non-recurring items grew by 5.8% to 19.2 million euros (9.3% of sales revenues), while reported EBITDA totalled 18.1 million euros (+11.9%), a double-digit increase driven by the launch of new products with higher average contribution margins. The Group’s consolidated net profits grew by 38.7% from 5 to 6.9 million euros.
“The 2018 results demonstrate the success of the investment strategy pursued up until 2017, enabling the Group not only to expand internationally but also to increase its margins,” commented Fabio Tarozzi, Chairman and CEO of SITI-B&T GROUP S.p.A. “Complete turnkey lines for ceramic tile production continue to make up the Group’s core business and stand out in terms of innovation and engineering, confirming our position as a global technology partner.”
With around 200 industrial patents and an R&D staff of more than 60, SITI B&T Group invested over 7 million euros in innovation in 2018 (3.5% of turnover), of which 2.1 million euros was spent in that year.
In early 2019 the group finalised the purchase of the minority shares of its subsidiaries Projecta Engineering s.r.l. and Ancora S.p.A. It will continue to invest in the countries where it operates and given the consistency of its current order book, it expects to reach its budget targets.