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MERCOR GROUP IN FINANCIAL YEAR 2018/2019

FOURTH YEAR IN A ROW OF DOUBLE-DIGIT SALES GROWTH, IMPROVED MARGINS

The MERCOR Group, one of the leaders of the European market for passive fire protection systems, has generated double-digit sales growth for the fourth year in a row. In financial year 2018/2019 sales revenue grew by 16% y/y (to PLN 370.9 million) and net profit grew by 30% y/y (to PLN 15.3 million). During the period, the value of the Group’s orders grew by 14%, to PLN 378 million.

 
In the past year, profit at the level of EBITDA and EBIT rose by 28% and 36% y/y, respectively. Along with growth in the scale of its business, the Group achieved improved margins at all levels.

In the 4th quarter of 2018/19 (1 January – 31 March 2019), typically a weaker season, the Group generated a 34% increase in sales revenue (to PLN 92.5 million) and, much like a year before, a loss resulting mainly from the annual revaluation of trading assets. The revaluation write-downs in value of receivables and stocks concerned the Russian company Mercor-Proof as well as MERCOR S.A., and amounted to a total of PLN 2.6 million.

In FY 2018/19 the Group earmarked about PLN 12 million for capital expenditures, and a combined amount over the last three years of about PLN 50 million. These funds were used to optimize production and development of new products.

The process of reviewing strategic options, begun in August 2018 (Q2 2018/19) and completed in May 2019, indicated to the Group the possibility of support for growth by obtaining a financial investor and conducting an issue of shares directed to that investor. The management board has made an attempt to realize this scenario. Growth in sales of the innovative fire protection board system mcr Silboard, which could potentially be supported with proceeds from the issue, is a strategic direction for further expansion of the Group.

 

 

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