Wavin N.V.
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Publicatie datum
20 jun 2008 - 08:36
Statutaire naam
Wavin N.V.
Titel
Wavin responds to challenging market conditions
Bericht
Zwolle, 20 June 2008 - Wavin N.V., Europe’s leading supplier of plastic pipe systems and solutions, expects revenues in the first half year of 2008 to grow approximately 1% to around EUR 835 million (H1 2007: EUR 824 million). On a like for like basis, excluding the effects of acquisitions and currencies, revenues will be down approximately 3%. The Ebitda(1) margin over the first six months is forecast at around 11%, compared to 13% in the very strong first half of 2007.
In the light of deteriorating conditions in the UK and Irish market, the company has previously announced a restructuring of the organisation in Ireland. In the UK, in order to contain costs, Wavin has now decided to accelerate the last phase of the Hepworth acquisition plan, the integration of the commercial organisations.
Both restructuring measures will lead to non-recurring costs of around EUR 9 million total that will be taken in the net results of H1 2008. The projects are in an advanced stage and will be completed in the coming months. The benefits of these measures will come through in 2009 and onwards.
Management will continue to take appropriate action to adjust to the slowdown in the construction cycle, when and where needed.
Philip Houben, Wavin CEO: "It is obvious that the credit crunch is having an increasing impact on the building sector in a number of Western European economies. In the UK/Ireland region housing starts have meanwhile dropped more than 25%. Declining house prices and higher mortgage costs, which lead to reduced consumer confidence and less home transactions, are also affecting the important Repair and Maintenance sector in this region. In addition, the substantial depreciation of the UK pound has a negative impact on consolidated accounts.
Other Western European construction markets show a varying picture. Activities in the Benelux remain at a reasonable level, whilst the weak German market shows some signs of bottoming out. In the Nordic markets, Denmark
Datum laatste update: 24 december 2025