Seating specialist Grammer has released its interim financial report for the first six months of 2011 revealing a surge in revenues.
In the first half of the year, the Group posted EUR 537.5m (US$768.9m) revenues, up 20.9% y-o-y. Consolidated earnings before interest and taxes (EBIT) grew by 72% in the first half-year to EUR 25.8m.
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In the second quarter, Group revenue beat out the prior-year quarter by 13.7% at EUR 274.5m. Group EBIT improved to EUR 13.7m, resulting in an operating margin of 5%.
Rising numbers of new premium car sales worldwide, the continued boom in export markets and new product launches helped Grammer’s automotive division to an increase in revenue over last year. Automotive revenue totalled EUR 341m in the first half of 2011, a rise of 15.2%. Operating profit improved to EUR 14.9m in the January to June period. The operating margin in the same period was also higher at 4.4% due to the positive revenue development and improved cost situation.
Revenue in the second quarter totalled EUR 169.3m with EBIT of EUR 7m. The EBIT margin in Q2 was 4.2%.
In the Seating Systems division, Grammer profited from the sharp rise in demand for off-road vehicles in Europe, Overseas and Asia, setting forth the positive first-quarter trend. In the first half, revenue in Seating Systems improved EUR 50.8m to reach EUR 210.4m.
In the second quarter alone, revenue totalled EUR 111.7m.
