French auto plastics specialist Novares said it booked full year 2018 revenue of EUR1,123.3m, an increase of 2.7% year on year while EBITDA improved to 9.1%.
Excluding now divested truck activity, the group revenue dipped 0.8% to EUR1,123.3m.
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Growth came from volume above market trend in Europe and the Americas regions (led by US) with 2.7% and 7.2% organic growth offsetting a 9.3% slowdown in Asia.
EBIT was unfavorably impacted by foreign exchange rate, volume effect and the implementation of the new IFRS 15 rules.
EUR102.1m of adjusted EBITDA in 2018 (9.1% of revenue) compared with EUR105m in 2017 (8.9%) and was driven by higher sales in Europe.
Net income was EUR6.5m.
Novares acquired MPC Group in February 2019 (sales of US$264.2M) and expects group sales of EUR1.4bn in 2019. Adjusted EBITDA is expected to increase from EUR102m in 2018 to a EUR120m to EUR130m range.
