GERMANY - The sales and earnings development of Surteco Group SE was better than expected in the fourth quarter of 2020.

According to preliminary figures, sales in this quarter exceeded the previous year's figure and earnings before interest and taxes (EBIT) were significantly higher than in the previous year.

Cumulative for 2020 as a whole, the group turnover is expected to be around EUR 627 million due to the effects of the COVID-19 pandemic. Surteco has already forecasted this, although the value still clearly exceeds analyst estimates, according to the company.

Surteco also informs that the EBIT for the full year 2020 is expected to be over 42 million euros and thus well above the analyst estimates and the forecast of Surteco. Due to the pandemic, the company had expected EBIT that would be well below the original target of EUR 40 to 45 million.

Essential for this were the successful implementation of the first phase of the restructuring, lower material costs and the surprisingly good business development in the fourth quarter.

Surteco Group SE will publish the audited full consolidated financial statements for the 2020 financial year on April 30, 2021.