Luxembourg: Armacell recorded sales worth Euro288.4m in the first half of 2020, down by 10% year-on-year from Euro320m in the first half of 2020. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 17% to Euro52.5m from Euro63.3m. The company said that the effects of lower sales volumes “were not entirely offset by immediate cost control measures.”
President and chief executive officer (CEO) Patrick Mathieu said, “Strategically, we are well on track. Armacell has shown a steady performance in the first half of 2020, and our immediate measures to mitigate the risks arising from the pandemic are proving beneficial. Our good performance over the past months underlines the resilience of our business, which we continue to grow.”
