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Permasteelisa posts lower net for 2003, strong euro affects turnover

Permasteelisa reported narrower margins and lower net profits in its result for 2003. Profitability was affected by the consolidation of Glassalum Holdings, the US company acquired by the group at the…

Permasteelisa reported narrower margins and lower net profits in its result for 2003. Profitability was affected by the consolidation of Glassalum Holdings, the US company acquired by the group at the end of March 2003, and net profits were down 42% from 2002 at EUR 32 million. The appreciation of the euro against sterling and the dollar also affected turnover, which was down 9.5% from 2002 at EUR 890.9 million. The effect of exchange rates was felt most keenly in the Curtain Walling sector, which represents 84% of business, where turnover finished down 9.1% at EUR 745.2 million. The UK was Permasteelisa“s principal market for curtain walling in 2003 with revenue of EUR 186 million, a fall of 13% (of which 1.8% can be blamed on the rise of the euro against sterling); the US market was the second most important in this sector with revenue of EUR 156.7 million, a rise of 8.3% (or 29% at constant exchange rates). Revenues from the Interiors sector decreased 7.9% to EUR 100.6 million. The slow-down of the German market undermined results in the Industrial Door sector, down 54.6% to EUR 4.1 million, while revenue from Aluminium Extrusions finished down 11.5% at EUR 41 million. In 2003 Permasteelisa registered new orders worth EUR 921.4 million, (EUR 1,007 million at equal exchange rates) compared to EUR 1,052 million in the previous fiscal period. With orders growing at the rate of 11% (32% at equal exchange rates), the USA has become the main market for the group, followed by the UK, where the end of construction work at Canary Wharf in London lead to a fall of 24% (17% excluding currency effects). The group has made efforts to enter new markets such as eastern Europe and the Middle East. The board of directors recommended paying a dividend of EUR 0.30 from 13 May 2004 (subject to the approval of the Annual General Meeting).

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