Royal Ten Cate H1 profits up; good progress at Protective Fabrics (US)
07 Aug '06
3 min read
Royal TenCate's sales rose in the first half of 2006 by 13% to € 398 million, 6% of this being autonomous.
• Group sales € 398 million (+13%)
• Operating result (EBIT) € 23.6 million (+26%)
• Net profit first half-year € 19.4 million (+29%)
• Non-operational items in result (net) € 4.6 million (first half 2005 on balance € 1.0 million) • EBIT in % of net capital invested (RONA) 14.7% (first half 2005: 14.5%)
• Good developments at Aerospace & Armour Composites, Protective Fabrics (USA), Geosynthetics and TenCate Enbi compensate for lower result of the Grass group and Protective & Outdoor Fabrics (Europe).
The growth in the operating result was principally due to: • strong developments at the American core activities, Aerospace (Europe) and TenCate Enbi • price adjustments following the increased costs of raw materials at the end of 2005 (time-lag effect) • qualitatively improved breakdown of sales • cost control
Advanced Textiles & Composites - Sales € 150 million (+0 %); EBIT € 11.1 million (+37%) - Sales in this sector amounted to € 150 million (H1 2005: € 150 million).
The loss of sales as a result of disinvestments (Permess / Multistiq) was compensated by an autonomous increase in sales of 9.2% and a positive currency effect of 2.2%.
The (autonomous) increase in sales in this sector is a continuation of the trends as reported on the publication of the figures for the first quarter of 2006.
In particular it can be reported that, despite the delay in the deliveries of the Airbus A380 announced by Airbus, this has not had (nor will it have) any material effect on the growth in the sales of thermoplastic composites (CETEX).
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