Balta: strong performance in fourth quarter of 2020
In a recent press release, Belgian machine weaver Balta presents its results for the fourth quarter of 2020 and the full financial year.
Consolidated revenue for the fourth quarter was EUR 151.1 million (-8% year-on-year) with adjusted EBITDA of EUR 27.9 million (+40.9%) - the company described the latter as "one of the strongest quarterly performances since the IPO". The adjusted EBITDA margin of 18.5% was also significantly higher than in the fourth quarter of 2019 (+12.1%).
Consolidated revenue for the full year 2020 was put at EUR 561.8 million (-16.3%); the pandemic had impacted demand. The Rugs sector (Balta Home) had declined by -14.2%; Commercial was down by -19.2% and Residential was down by -11.9%. Adjusted EBITDA was EUR 68 million (-8.6%) in 2020, with an adjusted EBIDTA margin of 12.1% (2019: 11.1%). There was solid growth in Residential (+26%) and Rugs (+4.3%), while Commercial has not yet recovered from the COVID-19 impact and declined by -24.2%.
Net debt decreased significantly by EUR -30.5 million to EUR 283.2 million (2019: EUR 313.7 million).Carpet Home-Newsletter: Click here for free newsletter subscription