CENTROTEC with continuing steady growth in revenue and earnings; German heating market unsettled by climate debate
Brilon, November 14, 2019: CENTROTEC Sustainable AG, Brilon, achieved a positive business performance both in the third quarter and over the year to date, with revenue growth in all three Group segments. In the third quarter, revenue rose 6.4% to EUR 171.4 million (previous year EUR 161.1 million) and the revenue figure for the first nine months of 2019 showed an increase of 5.3% to EUR 471.1 million (previous year EUR 447.4 million). The operating result (EBIT) for the Group went up by 21.4% to EUR 14.0 million (previous year EUR 11.5 million) in the quarter under review, and by 19.2% to EUR 22.1 million (previous year EUR 18.5 million) over the year to date. Earnings per share (EPS) improved to EUR 0.62 (previous year EUR 0.44) in the third quarter and EUR 1.04 (previous year EUR 0.50) in the first three quarters.
The overall economic slowdown has had little impact so far on CENTROTEC’s important market of the construction sector. Conversely, the far-reaching public debate about the support measures planned as part of the climate protection package at the start of the fourth quarter has already led to a noticeable weakening of the German heating market. CENTROTEC anticipates that this restraint will continue until the corresponding legislation has been passed. To what extent the decisions then taken will produce the desired revival in the sales market through increased investments in modern heating systems will depend on the final form that any such support takes.
For the full year, the upper ends of the forecast ranges for revenue (EUR 620 to 640 million) and EBIT (EUR 31 to 33 million) should be achieved.
CENTROTEC Sustainable AG
CENTROTEC Sustainable AG enjoys a presence in around 50 different countries through subsidiaries and sales partners. The principal group companies are Wolf, Brink Climate Systems and Ned Air in the Climate Systems segment, specialising in heating, climate control and ventilation technology e.g. in the form of solar thermal systems, CHP units and home ventilation systems with heat recovery, as well as Ubbink and Centrotherm in the Gas Flue Systems segment, with their focus on gas flue and air piping systems. CENTROTEC is consequently Europe's only listed full-service provider of heating and climate control technology, solar thermal systems and energy-saving solutions for buildings.