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Profit increases by 90%

Surteco Group reports a good start to the year 2024

In the first quarter of 2024, sales of the SURTECO Group at € 222.3 million were 8 % above the year-earlier value of € 205.7 million. The acquired divisions of Omnova were only included for one month in the first quarter of the previous year.

Earnings before financial result, income tax and depreciation and amortization (EBITDA) increased by 44 % to € 27.6 million (2023: € 19.1 million) and earnings before income tax (EBT) went up by 90 % to € 9.8 million (2023: € 5.1 million), essentially as a consequence of margin improvements arising from the Performance Plus programme and the absence of transaction costs from the acquisition.

Consolidated net profit also rose by 90 % to € 6.9 million after € 3.6 million in the previous year, resulting in earnings per share of € 0.44 (2023: € 0.23).

Photo: Surteco.

Consequently, the forecast set out in the Annual Report 2023 is confirmed. The projection is that Group sales for the business year 2024 as a whole will be in the range between € 860 million and € 910 million, and adjusted EBITDA for the Group in the range between € 85 million and € 105 million.

"In a market environment that continues to be difficult, we have succeeded in making a good start to the business year 2024. Our measures derived from the Performance Plus programme have contributed significantly to achieving an improvement in earnings," commented Wolfgang Moyses, Chairman of the Management Board of Surteco Group.

About Surteco
Surteco with registered office in Buttenwiesen is a mid-sized enterprise listed on the stock exchange with international operations. The company combines leading national and international brands for surface technology under one roof. Its comprehensive product portfolio includes papers printed with decor designs, impregnated materials, release papers, decorative flat foils and edge bandings based on specialist technical papers and plastics. This portfolio is complemented by skirtings made of plastics, technical extrusions (profiles) for industry, and roller shutter systems.

The Group has a workforce of more than 3,500 employees at 24 production sites worldwide, generating annual sales of around € 835 million. 20 % of these sales are in Germany, 39 % in European countries outside Germany and a further 41 % in America, Asia and Australia. Customers of the SURTECO Group primarily come from wood-based, flooring and furniture industries, as well as from interior design.

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