- Sustained year-on-year organic growth in H1: up 42.6% at
constant scope and exchange rates thanks to a high level of
activity and a favorable comparison base
Regulatory News:
SergeFerrari Group (FR0011950682 – SEFER) (Paris:SEFER) is a
leading global supplier of innovative flexible composite membranes
under the Serge Ferrari and Verseidag brands and is listed on
Euronext Paris – Compartment C. The Group today announced its
revenues for the first half of 2021.
Revenue breakdown by region (unaudited)
(€’000)
Q2 2021
Q2 2020
Ch. at current scope and exchange
rates
Ch. at constant scope and
exchange rates
H1
2021
H1
2020
Ch. at current scope and exchange
rates
Ch. at constant scope and
exchange rates
Northern Europe
31,582
18,683
+69.0%
+26.7%
55,931
34,014
+64.4%
+19.1%
Southern Europe – Americas
39,025
14,151
+175.8%
+139.1%
68,442
36,844
+85.8%
+62.7%
Asia – Africa – ME – Pacific
10,037
4,350
+130.7%
+60.4%
20,336
8,830
+130.3%
+49.6%
Total revenues
80,644
37,184
+116.9%
+73.4%
144,709
79,688
+81.6%
+42.6%
Sébastien Ferrari, SergeFerrari Group Chairman and CEO,
made the following comments: “Our very good start to the year
shows, as we emerge from the various periods of lockdown, that
SergeFerrari Group is well and truly ready to resume its march
forward. The reorganization of our sales forces following the two
recent acquisitions of Verseidag and F.I.T is paying off and the
first synergies are taking shape. In response to rising raw
material prices, we have also increased our selling prices without
undermining our relationships with our customers and partners. This
excellent start to the year is an encouragement to continue our
efforts despite the economic uncertainties.”
Record performance in Q2 2021, with growth of nearly
117%
At current scope and exchange rates, SergeFerrari Group’s Q2
2021 revenues amounted to €80.6 million, up 116.9% as reported and
73.4% at constant scope and exchange rates. This outstanding
performance is attributable to the combined impacts of sales growth
in most of the Group’s strategic markets, a favorable comparison
base following the lifting of the strict lockdown measures in force
during the same period last year and a positive price impact thanks
to change in the mix and the first effects of price increases made
by the Group.
Other than changes in scope, the strong business momentum is
demonstrated by pro-forma growth of 5.8% compared with Q2 2019, the
period prior to the onset of the COVID-19 pandemic. The legacy
scope continues to perform well, while commercial synergies with
Verseidag are also starting to produce their first effects and
F.I.T’s sales grew strongly in Q2 2021.
In Northern Europe, business grew by 69.0% at current
scope and exchange rates, amounting revenues to €31.6 million. At
constant scope and exchange rates, growth was 26.7%.
The Southern Europe – Americas region did particularly
well over the quarter, posting growth of 175.8% at current scope
and exchange rates and 139.1% at constant scope and exchange rates
to €39.0 million.
Sales in the Asia-Pacific – Middle East – Africa region
increased by 130.7% at current scope and exchange rates and 60.4%
at constant scope and exchange rates, driven by the resumption of
strong trading at F.I.T.
Over the period, currency fluctuations had a negative impact of
2.8% on the Group’s revenue growth. Volumes represented growth of
57.9% and the price mix effect 15.5%.
H1 2021 business well oriented across all regions
Cumulatively over H1 2021, the Group recorded revenues of €144.7
million, up 81.6% at current scope and exchange rates and 42.6% at
constant scope and exchange rates.
Benefiting from a favorable comparison base, the Group achieved
substantial sales growth in each of its three regions:
- Northern Europe reported
year-on-year revenue growth of 64.4% at current scope and exchange
rates and 19.1% at constant scope and exchange rates;
- Southern Europe – Americas recorded
revenues up 85.8% at current scope and exchange rates and 62.7% at
constant scope and exchange rates;
- Asia-Pacific – Middle East – Africa
delivered the best performance, with revenues up 130.3% at current
scope and exchange rates and 49.6% at constant scope and exchange
rates.
SergeFerrari Group’s growth was driven by higher volumes and by
market share gains in most of its business lines. The Solar
Protection, Furniture and Marine markets benefited notably from the
strength of applications for individuals and the fitting out of
living spaces. Distribution confirmed its robust trend over the
period, with the sales of the specialized subsidiary Giofex up
30.7% compared with H1 2020.
Over the half-year, currency fluctuations had a negative impact
of 2.5% on the Group’s revenue growth. Volumes represented growth
of 33.3% and the price mix effect 9.2%.
Outlook: a dynamic trend for SergeFerrari Group, confirming
its leadership in its strategic markets
On the strength of this good start to the year, a consequence of
the priority given to the Group’s four strategic markets in terms
of both resource allocation and innovation, the company is looking
ahead confidently to the second half despite the current resurgence
of health-related uncertainties and a less favorable comparison
base. SergeFerrari Group aims to capitalize on the quality of its
offer to adjust its pricing policy in line with changes in the
price of raw materials. It also intends to promote synergies,
particularly with Verseidag, in order to continue its development.
Growth momentum will facilitate the implementation of initial
measures to achieve industrial leverage. Following H1 2021,
SergeFerrari Group is thus perfectly in line with its medium-term
objectives, namely revenues of over €300 million, accompanied by
earnings growth greater than revenue growth.
Financial calendar
- Publication of the H1 2021 results on
Monday, September 6, 2021, after market close
ABOUT SERGEFERRARI GROUP
Marketing its products under two brands, Serge Ferrari and
Verseidag, the Serge Ferrari Group is a leading global supplier of
composite materials for Tensile Architecture, Modular Structures,
Solar Protection and Furniture/Marine, in a global market estimated
by the Company at around €6 billion. The unique characteristics of
these products enable applications that meet the major technical
and societal challenges: energy-efficient buildings, energy
management, performance and durability of materials, concern for
comfort and safety together, opening up of interior living spaces
etc. Its main competitive advantage is based on the implementation
of differentiating proprietary technologies and know-how. The Group
has manufacturing facilities in France, Switzerland, Germany, Italy
and Asia. Serge Ferrari operates in 80 countries via subsidiaries,
sales offices and a worldwide network of over 100 independent
distributors. In 2020, Serge Ferrari posted consolidated revenues
of €195.3 million, over 80% of which was generated outside France.
The SergeFerrari Group share is listed on Euronext Paris –
Compartment C (ISIN: FR0011950682). The SergeFerrari Group share is
eligible for the French PEA-PME and FCPI investment schemes.
www.sergeferrari.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210727005724/en/
Serge Ferrari Philippe Brun Chief Financial
Officer Arnaud Mengin Investor Relations
investor@sergeferrari.com
NewCap Investor Relations – Financial
communication Théo Martin / Louis Tilquin Tel: +33(0) 1 44 71
94 94 sferrari@newcap.eu
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