Lenzing H1 revenues increase, cuts losses
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The Lenzing Group revenue in the first half period grew by 4.8 percent to 1.31 billion euros due to higher revenue from fibres, up 9.3 percent.
The company also announced that Rohit Aggarwal will replace Stephan Sielaff as CEO at the end of March 2025.
“The Lenzing Group’s business performance continues to point in the right direction, even without a significant recovery in the relevant markets. We are taking action on a consistent and proactive basis, and we are making the Lenzing Group not only more profitable but also more resilient in the medium term,” said Stephan Sielaff, Lenzing Group CEO.
Lenzing loss contracts in H1, confirms outlook
EBITDA for the period rose by 20.4 percent to 164.4 million euros and the EBITDA margin increased from 10.9 to 12.5 percent. The operating result increased to 18.9 million euros and the EBIT margin improved to 1.4 percent.
The company’s earnings before tax amounted to minus 22.3 million euros, while earnings per share stood at minus 1.84 euros.
After the strong first half results, Lenzing has confirmed its guidance for the 2024 financial year of higher EBITDA.
Lenzing suspends dividend policy, announces personnel changes
On April 11, the company’s managing board passed a resolution to indefinitely suspend the existing dividend policy of at least 4.50 euros per share.
The company also said that as per the announcement on June 12, Suzano is acquiring a 15 percent interest in Lenzing from B&C.
Lenzing has announced personnel changes on its managing board. The company has appointed Walter Bickel as member of the managing board and chief transformation officer until December 31, 2025, with effect as of April 15, 2024.
The company added that Stephan Sielaff, Lenzing CEO, will leave the company, when his contract expires at the end of March 2025, in order to devote himself to new tasks. Rohit Aggarwal, who has been named as a new member of the managing board, will take over responsibility for the fibres business area in the third quarter and will succeed Sielaff as CEO after his onboarding.