Financial highlights

  • Reported revenue increased 33% to €1 594 million (H1 2021: €1 200 million) and by 25% in constant currency terms (H1 2021: €1 273 million).
  • Adjusted EBITA increased by 47% to €188 million (H1 2021: €128 million), or 38% in constant currency.
  • Net debt of €1 238 million (31 December 2021: €1 014 million) in line with management expectations and guidance, as reduction in inventory volumes is offset by the increase in value of inventories and accounts receivable due to cost inflation and price increases.
  • Interim dividend of €0.50 per share declared.

Outlook

  • Expectations for full year earnings in 2022 unchanged, based on strong demand in the year to date and order book for the second half.
  • Global growth outlook impacted by inflation and monetary policy response, labour and energy market tightness and ongoing supply chain disruption.
  • Margins to be maintained through further price increases and with support from strategic cost saving initiatives.
  • Gearing expected to reduce in the second half, targeting Net Debt : EBITDA towards 2.0x by year end depending on earnings performance.

Commenting on the results, Chief Executive Officer, Stefan Borgas, said: “In the first half of 2022 we further demonstrated the benefits of prioritising customer deliveries in an environment of continued supply chain volatility. Our investment in inventories to ensure our customers remain supplied with essential refractories has underlined the importance of supply reliability and has enabled us to simultaneously increase prices and gain market share. Following major investments in our production network, SG&A reduction and progress on our sales strategies, the Group is in a strong position to maintain its leadership position in the refractory industry and to navigate future challenges.”