Continued strong growth for the Icopal group
01-05-2007
Annual results 2006 for the Icopal group
Continued strong growth for the Icopal group, the European leader in roofing and waterproofing materials and roof contracting.
Sales up by 14 % to 6.4 billion DKK.
Operating profit before goodwill amortisation (EBITA) up by 17 % to 418 million DKK.
• The group achieved a growth in turnover of 14 % and EBITA was 418 million DKK compared to 357 million DKK in 2005, which is equivalent to an increase of 17 %. Thus the group has achieved an improvement in earnings of more than 15 % for the second year in a row.
• An organic growth in turnover of 10 % was achieved primarily due to increased volume but also as a result of increased sales prices in the wake of higher prices on raw materials. Icopal’s growth was higher than that of the market in general. Hence, Icopal continues to gain market share.
• In 2006 the group successfully acquired 9 companies in Denmark, Poland, Norway, France, Finland and Sweden with an annual turnover of more than 300 million DKK. All acquisitions have made a positive contribution to the group’s growth in earnings.
• The growth in earnings was primarily driven by increased volumes and continued focus on improved efficiency.
• The group invested 238 million DKK in fixed assets – the highest level in the group’s history. A new, state-of-the-art factory was built close to Moscow in Russia. In connection with the relocation of the group’s production of reinforced plastic membranes to Slovakia the production equipment was upgraded and renewed. In the USA a new factory for the manufacturing of liquid waterproofing products was inaugurated.
• Continued growth in sales and earnings is expected in 2007 as a result of a number of sales initiatives and further gains in efficiency. In addition, the relocation of the plastic membrane factory, the new factories in Russia and the USA as well as the acquisitions will also generate growth in the sales and earnings.
• In 2007 the group will continue to look for appropriate acquisition targets, which may supplement Icopal’s product range and geographical coverage.
• 2007 got off to a good start with excellent results in both turnover and operating profit.
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