Valmieras stikla šķiedra JSC consolidated net sales reaches 69.11 million euro

The consolidated net sales of Valmieras stikla šķiedra JSC and its subsidiaries (hereinafter - Valmiera Glass Group or the Group) in the first half of 2017 reached 69.11 million euro. The net sales increased by 2.41 million euro, or 3.6%, compared to the same period in 2016, marking the best first half-year of the Group sales so far.

The Group’s EBITDA grew by 28% or 2.6 million euro, compared to the first half of 2016, reaching 11.7 million euro. Also the EBITDA margin grew by 3.5% from 14% to 17.5%, accordingly the EBIT reached 6.11 million euro, which is 2.23 million euro or 57% more than in the first 6 months of 2016. The Group’s unaudited consolidated net profit reached 5.59 million euro, which is a 2.4 million euro year-on-year growth.

“In order to achieve even better business indicators, we see the necessity to increase the company's production capacity and competitiveness. For this reason we are currently building a new plant in the United States with a capacity of 50,000 tons of dry yarn per year,” said Andre Schwiontek, Board Chairman of Valmieras stikla šķiedra JSC.

The implementation of a large-scale investment project in the US, launched in 2016, is in line with the plan, both in terms of project costs and project timetable. The plant's building has been built around 50%, and according to the project plan, the first technologies and equipment are already placed. At the same time, the preparation of new specialists for work in the US company is taking place, organizing training at the technical college in Dublin, Georgia and practical experience exchange at the parent company Valmieras stikla šķiedra JSC in Latvia.

Considering the positive growth trends in the global glass fibre market, the ever more rapidly developing fibreglass industry, and the notably high demand for glass fibre products, the management of the joint stock company predicts that the Group’s consolidated net sales in 2017 will reach from 130 million euro, and the consolidated net profit 9 million euro.

About Valmiera Glass Group:
Valmieras stikla šķiedra JSC and its subsidiaries (hereinafter referred to as the Valmiera Glass Group or the Group) is one of the leading glass fibre manufacturers in Europe. Valmiera Glass Group companies operate in three countries on two continents: Latvia, the United Kingdom and the United States of America. Valmieras stikla šķiedra JSC production facilities have more than eighty years of experience in textile processing, and their products are aimed at various industrial markets. The Group consists of four companies: the parent company Valmieras stikla šķiedra JSC and its three subsidiary companies - Valmiera Glass UK Ltd. in the United Kingdom, P-D Valmiera Glass USA Corp. and Valmiera Glass USA Trading Corp. in the United States of America.

Contacts:
Marika Nīmante
JSC „Valmieras stikla šķiedra” marketing project manager
Phone: +371 64202276, +371 26635509
Fax: +371 64281216
E-mail: Marika.Nimante@valmiera-glass.com
More information about company: www.valmiera-glass.com