Prometeon increases margin to 13.6% as ‘turnaround’ officially ends
Prometeon Tyre Group (PTG) has declared its two-year turnaround process over and underpins this with its recently-released annual results for 2020. Giorgio Bruno, chief executive officer of Prometeon Tyre Group and Gregorio Borgo, chief operating officer, state that the “turnaround path is ended” and that PTG is “stronger and more resilient,” having been able to “improve margins, protect cash and strengthen asset structure, despite the pandemic.”
According to the industrial tyre specialist, annual sales declined approximately 15 per cent year-on-year to 912.1 million euros. Consolidated EBITDA decreased 6.2 per cent to 123.9 million euros, leading to a 1.3 per cent increase in the EBITDA margin, to 13.6 per cent. Net result for the period was 2.7 million euros, compared with 7.8 million in 2019.
Healthier, stronger & more resilient
“These results mark the completion of a turnaround process launched three years ago during which we implemented several strategic initiatives that have made Prometeon healthier, stronger and more resilient in an unprecedented scenario,” comments Giorgio Bruno. “Strategic interventions at every stage of the company’s value chain, a very strong focus on sustainability and human resources have allowed our company to promptly and effectively tackle the pandemic, further improving margins, protecting cash and strengthening the debt structure, thanks to the involvement of the majority shareholder.”
Gregorio Borgo adds: “2020 was a remarkable year, both because of the context in which the company operated and because of the exceptional response from all our people, who work in a radically new way inspired by the most modern management concepts. NewWay2.Work is an organisational paradigm symbolising the company’s attention to all stakeholders, both internal and external, and certified by its inclusion in the UN Global Compact. We will carry along the strategic path we have outlined, remaining focused on improving our offering of both products and customer services, consolidating our partnerships with OEMs and further raising quality and efficiency levels. This way we will be able to continue along the path of growth in a market scenario that is increasingly aware of sustainability and interests of each stakeholder.”
Further information about PTG’s 2020 financial performance is available here.