The strategy pursued by CEO Olivier Chapelle to concentrate exclusively on products for the construction segment has not particularly helped Belgian PU converter Recticel (Brussels; www.recticel.com) in recent months. Because of the economic slowdown throughout Europe – especially in housing construction – the company reported a “disappointing” first half-year 2023. 

Volume sales declined in the first six months of the year by 15%, reducing turnover by a good 7% to EUR 266 mn. Part of this reduction was, however, compensated by the renewed fall in the costs of raw materials. From the middle of the second quarter, there were also small improvements in sales volumes and incoming orders for heat-insulating panels and insulated wall systems.

EBITDA lost 41.5% to just under EUR 16 mn, while earnings, at only EUR 4 mn (down 80%), ended up only just in the black. For the year as a whole, the board of management headed by new CEO Jan Vergote expects EBITDA, adjusted for special effects, to be around EUR 40-45 mn.  

Related: Slump in revenues follows Recticel's Trimo acquisition

While the sale of its Engineered Foams division 252967 to US competitor Carpenter (Richmond, Virginia; www.carpenter.com) has now been completed, the divestment of the 33% interest in Orsa Foam (Gorla Minore, Italy; www.orsafoam.it) is still in the middle of negotiations with partner Orsa srl. They should, however, also be completed by the end of September 2023.

On the other hand, there are also “several opportunities for acquisitions”, which Recticel says it is currently pursuing, without providing any further details.