GERMANY - The sales and earnings development of Surteco Group SE was better than expected in the first half of 2021.

Due to the positive business development, the half-yearly sales are according to preliminary figures at approx. EUR 378 million and thus above the internal and external assumptions.

Despite significant cost increases and supply bottlenecks for the most important raw materials, the preliminary earnings before interest and taxes (EBIT) rose by +170% compared to the previous year, more significantly than expected to around EUR 39 million.

The company is raising its targets for the full year 2021. The group sales should clearly exceed the original target of EUR 650 million to EUR 675 million and is likely to be above EUR 700 million. Group EBIT is also expected to be above EUR 52 million - the upper end of the original range of EUR 47 million to € 52 million. This is on the condition that there are no new disruptions in the sales markets due to a flare-up of the Covid-19 pandemic or further tightening of raw material costs and the supply situation.

Surteco Group SE will publish the full half-year report for 2021 on 30 July 2021.