Chargeurs has released Q1 sales up 1.9% pro-forma although down 1.8% after allowing for forex and price negatives
The Protective Film division is on a fast track with sales up 6.5% at €50m. The business is clearly supported by volume demand.
The news could have been better at the Interlining division down 4% to €40.9m on forex weakness in Argentina mostly.
Last, the now less important Wool business has been suffering from price and volume contraction, thereby shaving about 12% from last year’s figure.
We have slightly lowered our revenue expectation for Wool to allow for the poor start. This has no significant impact on the group’s expected earnings.
Management confirmed its aim to reach €20m at the EBIT level by 2015. We are more optimistic and see this sort of earnings as soon as 2014.
Separately, the group confirms that it has recovered not only its financial strength but also its financial freedom as the last commitments to banks have been unravelled over Q1. Job done.
