PSB INDUSTRIES €million | Q1 2014 | Q2 2014 | HY1 2014 | HY1 2013 | HY1 2014/ HY1 2013 cc* |
€million | Q1 2014 | Q2 2014 | HY1 2013 | HY1 2014/ HY1 2013 cc* | |
Beauty Packaging | 43.2 | 42.1 | 85.3 | 89.6 | - 3.8% |
Custom Packaging | 10.8 | 12.7 | 23.5 | 24.0 | - 1.9% |
Specialty Chemicals | 10.1 | 11.8 | 21.9 | 23.3 | - 4.5% |
Total | 64.1 | 66.7 | 130.8 | 136.9 | - 3.6% |
* cc: 2013 constant currency
PSB Industries' consolidated revenues were €130.8 million for the first half of 2014. Business was satisfactory and was marked by expected growth in delivery programs to repeat customers, which will benefit the group in the second half of the year. This level of activity is in line with forecasts and compares with a record HY1 2013 that benefitted from numerous launches in 2012 and at the start of the year. Beauty Packaging revenues were €85.3 million, down 3.8% at cc, bearing the brunt of a weaker U.S. market than the previous year. Over the period, the group benefitted from a wealth of major developments, mainly for Chanel, LVMH (Dior), Coty and Clarins, and from strong growth in mould sales for Q2. In addition, work continues on the development of several new product launches thanks to the division's industrial excellence and its newly created innovation unit. Business was brisk on the Luxury & Beauty and Industry markets, with a robust business portfolio driving healthy development and growth for the coming quarters. Custom Packaging revenues were €23.5 million. Business is up more than 2% after restatement for the unfavorable comparison basis tied to voluntary commercial arbitration initiated in 2013, which will help improve profitability. The division worked actively on new developments that will be commercialized during HY2, particularly in Healthcare & Hygiene-a genuine catalyst for growth-and Agri-food, which remains sensitive to consumption trends. Business is gradually returning to respectable levels and signs are encouraging, particularly with Bonduelle and Mix Buffet after a difficult 2013. Specialty Chemicals revenues were €21.9 million, compared to a historic €23.3 million for the first half of 2013. Apart from this comparison basis, the division sustained nearly €1 million in negative currency impacts, particularly on the U.S. and Asian markets where business volumes are high. With its solid footing in the Lighting & High-tech Industries markets (precision polishing, watchmaking, additives and batteries), for which a portion of deliveries was postponed to the second half, the division is establishing a position in new applications such as the sapphire market with a satisfactory and growing number of orders for 2014.Next release: Results for the half year, which will be released on July 24, 2014,
will allow PSB Industries to demonstrate its stronger financial position.
PSB Industries is an innovation-driven industrial group with leadership positions in packaging and specialty chemicals. The group reported consolidated revenues of €257 million in 2013 including 63% from international sales. The group has production plants in France, the United States, Japan and Mexico.
NYSE Euronext (ISIN FR0000060329) - CAC Small, CAC Mid & Small, All-Tradable Indexes Follow all the company's financial results at: www.psbindus.com - finance@psbindus.com PSB Industries is eligible for the French PEA - PME (share savings plan)
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