Grammer AG, automotive supplier and manufacturer of seating systems, has presented its interim report for the first six months of 2010. After a successful second quarter, characterised by a strong order situation, the company has seen revenues improve in the first half to EUR 444.5 million. The 18.2 percent increase in revenue in the first quarter was exceeded in Q2 with a rise of 42.1 percent. Group earnings before interest and taxes (EBIT) reached EUR 15.0 million in the first half year, thanks to the positive situation in revenue and the improved cost structure following consolidation measures last year.
Hartmut Müller, Chief Executive Officer of the Grammer AG said: “We are extremely satisfied with the performance of the company in the second quarter - the turnaround has been achieved. The steps that were implemented early on in the crisis to reduce costs have proved their worth.”
Revenue performance was very positive in Grammer’s Automotive division, with the key factors for this being the improved car market and the new production starts. In the Seating Systems division, the company was able to build on the positive developments in the first quarter of 2010 and increase revenues further in the second quarter.
Staffing numbers have increased by 7.3% since the end of December last year, primarily in the Automotive division. The improving market environment and the new production starts have made it necessary to increase the number of direct employees at Grammer’s locations outside of Germany.
On the basis of the positive developments in the first six months and the expectations for the second half of the year, Grammer is forecasting revenue growth of roughly 10 percent for full-year 2010, to around EUR 800 million. Assuming stable market and currency developments, the EBIT margin should reach approximately 3 percent.