SergeFerrari Group Achieves Record Revenues in H1 2021, with Growth of 81.6% to €144.7 Million

·6 min read
  • Sustained year-on-year organic growth in H1: up 42.6% at constant scope and exchange rates thanks to a high level of activity and a favorable comparison base

SAINT-JEAN-DE-SOUDAIN, France, July 27, 2021--(BUSINESS WIRE)--Regulatory News:

SergeFerrari Group (FR0011950682 – SEFER) (Paris:SEFER) is a leading global supplier of innovative flexible composite membranes under the Serge Ferrari and Verseidag brands and is listed on Euronext Paris – Compartment C. The Group today announced its revenues for the first half of 2021.

Revenue breakdown by region (unaudited)

(€’000)

Q2 2021

Q2 2020

Ch. at
current
scope and
exchange
rates

Ch. at
constant
scope and
exchange
rates

H1

2021

H1

2020

Ch. at
current
scope and
exchange
rates

Ch. at
constant
scope and
exchange
rates

Northern Europe

31,582

18,683

+69.0%

+26.7%

55,931

34,014

+64.4%

+19.1%

Southern Europe – Americas

39,025

14,151

+175.8%

+139.1%

68,442

36,844

+85.8%

+62.7%

Asia – Africa – ME – Pacific

10,037

4,350

+130.7%

+60.4%

20,336

8,830

+130.3%

+49.6%

Total revenues

80,644

37,184

+116.9%

+73.4%

144,709

79,688

+81.6%

+42.6%

Sébastien Ferrari, SergeFerrari Group Chairman and CEO, made the following comments: "Our very good start to the year shows, as we emerge from the various periods of lockdown, that SergeFerrari Group is well and truly ready to resume its march forward. The reorganization of our sales forces following the two recent acquisitions of Verseidag and F.I.T is paying off and the first synergies are taking shape. In response to rising raw material prices, we have also increased our selling prices without undermining our relationships with our customers and partners. This excellent start to the year is an encouragement to continue our efforts despite the economic uncertainties."

Record performance in Q2 2021, with growth of nearly 117%

At current scope and exchange rates, SergeFerrari Group’s Q2 2021 revenues amounted to €80.6 million, up 116.9% as reported and 73.4% at constant scope and exchange rates. This outstanding performance is attributable to the combined impacts of sales growth in most of the Group’s strategic markets, a favorable comparison base following the lifting of the strict lockdown measures in force during the same period last year and a positive price impact thanks to change in the mix and the first effects of price increases made by the Group.

Other than changes in scope, the strong business momentum is demonstrated by pro-forma growth of 5.8% compared with Q2 2019, the period prior to the onset of the COVID-19 pandemic. The legacy scope continues to perform well, while commercial synergies with Verseidag are also starting to produce their first effects and F.I.T’s sales grew strongly in Q2 2021.

In Northern Europe, business grew by 69.0% at current scope and exchange rates, amounting revenues to €31.6 million. At constant scope and exchange rates, growth was 26.7%.

The Southern Europe – Americas region did particularly well over the quarter, posting growth of 175.8% at current scope and exchange rates and 139.1% at constant scope and exchange rates to €39.0 million.

Sales in the Asia-Pacific – Middle East – Africa region increased by 130.7% at current scope and exchange rates and 60.4% at constant scope and exchange rates, driven by the resumption of strong trading at F.I.T.

Over the period, currency fluctuations had a negative impact of 2.8% on the Group’s revenue growth. Volumes represented growth of 57.9% and the price mix effect 15.5%.

H1 2021 business well oriented across all regions

Cumulatively over H1 2021, the Group recorded revenues of €144.7 million, up 81.6% at current scope and exchange rates and 42.6% at constant scope and exchange rates.

Benefiting from a favorable comparison base, the Group achieved substantial sales growth in each of its three regions:

- Northern Europe reported year-on-year revenue growth of 64.4% at current scope and exchange rates and 19.1% at constant scope and exchange rates;

- Southern Europe – Americas recorded revenues up 85.8% at current scope and exchange rates and 62.7% at constant scope and exchange rates;

- Asia-Pacific – Middle East – Africa delivered the best performance, with revenues up 130.3% at current scope and exchange rates and 49.6% at constant scope and exchange rates.

SergeFerrari Group’s growth was driven by higher volumes and by market share gains in most of its business lines. The Solar Protection, Furniture and Marine markets benefited notably from the strength of applications for individuals and the fitting out of living spaces. Distribution confirmed its robust trend over the period, with the sales of the specialized subsidiary Giofex up 30.7% compared with H1 2020.

Over the half-year, currency fluctuations had a negative impact of 2.5% on the Group’s revenue growth. Volumes represented growth of 33.3% and the price mix effect 9.2%.

Outlook: a dynamic trend for SergeFerrari Group, confirming its leadership in its strategic markets

On the strength of this good start to the year, a consequence of the priority given to the Group’s four strategic markets in terms of both resource allocation and innovation, the company is looking ahead confidently to the second half despite the current resurgence of health-related uncertainties and a less favorable comparison base. SergeFerrari Group aims to capitalize on the quality of its offer to adjust its pricing policy in line with changes in the price of raw materials. It also intends to promote synergies, particularly with Verseidag, in order to continue its development. Growth momentum will facilitate the implementation of initial measures to achieve industrial leverage. Following H1 2021, SergeFerrari Group is thus perfectly in line with its medium-term objectives, namely revenues of over €300 million, accompanied by earnings growth greater than revenue growth.

Financial calendar

- Publication of the H1 2021 results on Monday, September 6, 2021, after market close

ABOUT SERGEFERRARI GROUP

Marketing its products under two brands, Serge Ferrari and Verseidag, the Serge Ferrari Group is a leading global supplier of composite materials for Tensile Architecture, Modular Structures, Solar Protection and Furniture/Marine, in a global market estimated by the Company at around €6 billion. The unique characteristics of these products enable applications that meet the major technical and societal challenges: energy-efficient buildings, energy management, performance and durability of materials, concern for comfort and safety together, opening up of interior living spaces etc. Its main competitive advantage is based on the implementation of differentiating proprietary technologies and know-how. The Group has manufacturing facilities in France, Switzerland, Germany, Italy and Asia. Serge Ferrari operates in 80 countries via subsidiaries, sales offices and a worldwide network of over 100 independent distributors.
In 2020, Serge Ferrari posted consolidated revenues of €195.3 million, over 80% of which was generated outside France. The SergeFerrari Group share is listed on Euronext Paris – Compartment C (ISIN: FR0011950682). The SergeFerrari Group share is eligible for the French PEA-PME and FCPI investment schemes. www.sergeferrari.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20210727005724/en/

Contacts

Serge Ferrari
Philippe Brun
Chief Financial Officer
Arnaud Mengin
Investor Relations
investor@sergeferrari.com

NewCap
Investor Relations – Financial communication
Théo Martin / Louis Tilquin
Tel: +33(0) 1 44 71 94 94
sferrari@newcap.eu

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