UK: Mannok recorded sales of Euro270m in 2021, up by 16% year-on-year from Euro233m in 2020. The company’s earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 17% to Euro25.8m from Euro31.1m. The group attributed this to substantial cost absorption beginning in mid-2021. It noted particularly high raw material costs in its insulation segment due to current global shortages. Overall energy prices rose by 66% year-on-year, while the cost of carbon emissions trading scheme (ETS) credits more than doubled to Euro80/t at the end of the year.
Mannok said that demand for its products remains resilient, supported by stronger cost recovery. It added that a levelling out in energy prices has driven stronger profitability in the first quarter and April of 2022.
