Belgium: Recticel’s insulation business has used price rises to compensate for a steep rise in the price of raw chemical input materials. The division’s sales grew by 57% year-on-year to Euro391m in 2021 from Euro249m in 2020. Its adjusted earnings before taxation, interest, depreciation and amortisation (EBTIDA) more than doubled to Euro62.4m from Euro27.5m. It said that its Insulation and Engineered Foams businesses performed well in a volatile environment. Chemical raw materials supply reportedly remain tight and prices are showing little signs of stabilisation. Transportation and labour costs are increasing at an “unprecedented” rate. However it added that energy cost inflation has a minor impact given the “very low energy intensity of our business.” Overall the group’s sales and adjusted EBITDA rose by 67.4% to Euro1.03bn and by 134% to Euro89.7m.
“We are happy with the very positive sales and profitability development in 2021, a year marked by deep changes in our company. Changes which were planned and announced, such as the acquisition and integration of FoamPartner and the divestment of the Bedding activities. Changes which came as a consequence of the unsolicited takeover bid by Greiner, such as the divestment of our newly created Engineered Foams business segment,” said chief executive officer Olivier Chapelle.
