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Bekaert: 2020 first half-year results

Written by Customer Service on . Posted in Public Companies.

Bekaert counters significant impact of Covid-19 through effective mitigating measures and performance improvementsSafe working conditions • strong cash flow and liquidity • solid uEBIT margin in depressed marketsThe turnaround of Steel Wire Solutions and Bridon-Bekaert Ropes Group and the effectiveness of implemented measures moderate the impact of Covid-19 on the Rubber Reinforcement business.Financial highlights H1 2020Market developments and prioritiesBekaert’s priorities in the first half of 2020Focus and effectiveness of our actionsThe actions implemented during the last 12 months demonstrated their effectiveness in strengthening Bekaert’s resilience. Despite a substantially reduced demand (-30% sales decline in the second quarter and -20% over the first half) we achieved a solid underlying EBIT margin on sales of 5.2% versus 5.7% in the first half of last year.Profit restoration actions have significantly strengthened the profitability of Steel Wire Solutions and Bridon-Bekaert Ropes Group. Their robust performance improvement partially offset the severe impact of the crisis on the Rubber Reinforcement business.
OutlookThe Covid pandemic impacted the business significantly in the first half. At present, all Bekaert’s production plants globally are operational, either fully or partially.Attachmentp200731E – First half year 2020 results

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