Recticel Reports Strong First Quarter 2024 Growth Amidst Market Challenges

Recticel has announced a net sales increase of 10.1% in the first quarter of 2024, reaching EUR 140.6 million, significantly influenced by the recent acquisition of REX Panels & Profiles. Despite current uncertainties in the new construction market, the company recognizes robust performance in its renovation activities across Europe. The acquisition, finalized on January 10, 2024, contributed 8.1% to the sales growth, with an additional currency effect of 0.8%. The firm also highlighted an organic revenue growth of 1.2%, despite raw material deflation and heightened sales volumes in its Insulation Boards and Insulated Panels divisions.

Recticel is dealing with rising chemical prices, necessitating price increases in key markets. Despite these challenges, operational enhancements helped balance out intense price pressures, especially in the Insulation Boards sector. Looking forward, CEO Jan Vergote affirmed the company's optimism toward a significant rise in its full-year adjusted EBITDA, expected in 2024.