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Sioen Industries reports growth for half year 2014

The group realised sales from continuing operations of EUR 166.7 million, a 3.1% increase compared to the same period in 2013.

1st September 2014

Innovation in Textiles
 |  Ardooie

Protective, Industrial

Sioen Industries NV, a leading producer of technical textiles, fine chemicals and high-tech protective clothing, has announced its half year results.

At the end of the first half of 2014 the group realised sales from continuing operations of EUR 166.7 million, compared to EUR 161.7 million from comparable activities over the same period in 2013, or an increase of 3.1%.

Net sales

In the first half of 2014, the coating division achieved sales from continuing operations of EUR 96.4 million versus EUR 95.8 million over the same period last year. Growth was mainly driven by the product lines truck, agriculture and building.

The apparel division achieved EUR 49.9 million in sales compared to EUR 45.4 million over the same period last year, growing by 9.8%. Sioen apparel succeeded in growing in all markets the company is active in (industry, specific, outdoor, workwear).

The chemicals division achieved sales from continuing operations of EUR 20.4 million versus EUR 20.5 million last year. Sales in the chemicals division remained status quo, thanks to a well-balanced product rage and the company’s presence in various markets.

Other figures

The gross margin was EUR 83.1 million at the end of the first half of 2014, compared with EUR 79.6 million over the same period in 2013. The operating result amounted to EUR 15.3 million, compared to EUR 11.3 million last year. As a percentage over net sales, operating result increased from 7% to 9.2% at the end of the period.

The net cash flow from continuing operations amounted to EUR 18 million, compared to EUR 13.8 million over the same period last year.

Working capital, expressed as a percentage of net sales, decreased slightly from 32.4% as per 30 June 2013 to 30.9% as per 30 June 2014. In EUR, it has decreased to EUR 103 million or an improvement of about EUR 1.8 million.

Profit (loss)

Mainly positive evolutions in the exchange rates resulted in a financial result of EUR -1.8 million for the first half of 2014, compared to EUR -2.6 million over the same period last year. This contributed to the increase of the result before taxes from EUR 8.7 million in the first half of 2013 to EUR 13.5 million in the first half of 2014.

The group recorded a profit from continuing operations of EUR 9.1 million for the first half of 2014, compared to EUR 5.4 million over the same period last year.

Outlook

Macro-economic indicators show little growth, the company reports. On the contrary, geopolitical uncertainty and potential raw material price increases weigh on the future but have been anticipated where possible.

The company aims to achieve growth through a well spread product portfolio, a strong focus on R&D and a dedicated cost consciousness.

www.sioen.com

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