Forbo H1 operating profits surge 81% to SF55m

22 August 2006 12:48  [Source: ICIS news]

LONDON (ICIS news)--Swiss floor coverings, adhesives and beltings group Forbo reported on Tuesday an 81% increase to SF55.1m ($50m/€35m) in first half operating profits before special charges on strong demand and increased efficiencies.

 

Forbo made a net profit of SF26.8m, compared with a SF6.1m loss last year, and forecast full year bottom line income of about SF50m.

 

Group sales were up 12.5% to SF933.1m. Revenues were boosted by the acquisition of adhesives company Victa, robust economic development in the US, the improved economic situation in Europe and a continued high level of dynamism in Asian markets, said Forbo.

 

“The determined implementation of strategies, measures to increase efficiency and the falling away of special charges significantly strengthened the profitability of Forbo group,” the company said in a statement.

 

Baar, Switzerland-based Forbo said all three businesses contributed to the first half improvement.

 

Forbo’s flooring business registered the biggest profits growth, with operating income up 54% to SF30.8m on sales 6.2% ahead at SF393.8m.

 

The adhesives business increased its operating profits by 35% to SF25.8m. Sales rose 21.4% to SF367.5m, with the acquisition of Victa Chemicals in Guangzhou, China, contributing SF15.2m to this increase.

 

Forbo's belting unit also enjoyed a 35% rise in operating profits, to SF4.6m, on sales 10.2% higher at SF171.8m.

By: Mark Watts
+44 20 8652 3214

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