The slump in the construction industry caused sales at PU foamer Recticel (Brussels; www.recticel.com) to shrink further in the third quarter of 2023, with the company reporting a 17.5% decline in revenues to EUR 132.2 mn and a cumulative decline in the nine-month view of 11%.

Above all, activities around polyurethane insulation panels have been problems, according to CEO Jan Vergote. The business for insulated wall panels, on the other hand, is said to have shown improved profitability and higher sales volumes, which is also having an effect on the order intake for 2024. Nevertheless, Vergote issued a profit warning, with full-year EBITDA to be between EUR 35 mn and EUR 40 mn instead of the previously anticipated result of EUR 40 mn to EUR 45 mn.

The sale of the stake in Orsa Foam (Gorla Minore, Italy; www.orsafoam.it) to JV partner Orsa has been finalised. Vergote added that the proceeds from the transaction, which was completed on 11 October, will be used for acquisitions, just like the money from previous sales.