DGAP-News Ringmetall increases EBITDA by around 14 percent in the first half year despite corona crisis
DGAP-News: Ringmetall Aktiengesellschaft / Key word(s): Half Year Results
Ringmetall increases EBITDA by around 14 percent in the first half year despite corona crisis
Munich, 17 September 2020 - Ringmetall AG (ISIN: DE0006001902), a leading international specialist supplier in the packaging industry, continued to grow in the first six months of 2020 despite the generally tense economic environment. The business development figures published today in the interim report for the first half of 2020 essentially correspond to the preliminary business figures published on 6 August 2020.
Consolidated net revenues increased by 0.9 percent to EUR 62.3 million in the first half of the year (H1 2019: EUR 61.8 million). The revenue growth was mainly driven by acquisition effects of the subsidiary Tesseraux, consolidated for the first time as of July 1, 2019, and the business activities of Sorini. At the same time, however, declining steel prices and purely organic business development had a slightly counteracting effect. Earnings before interest, taxes, depreciation and amortization (EBITDA) grew disproportionately by 13.6 percent to EUR 6.5 million (H1 2019: EUR 5.7 million). The EBITDA margin in relation to total operating performance increased accordingly and, at 10.3 percent, was back in the double-digit range. On the earnings side, cost management, which was very closely aligned with day-to-day business, had a particularly significant impact. As a result of a significant reduction in the proportion of temporary staff, it was possible to cut personnel costs significantly in the course of the COVID 19 pandemic without having to make cuts in the core workforce. Likewise, short-time working had to be used only to a very limited extent and very selectively in certain regions.