Villeroy & Boch has reported a significant increase to its revenue for the first quarter of the year, which it has attributed to its recent acquisition of Ideal Standard.
The company generated consolidated revenue of €277.1m (approximately £195m), which is an increase of more than 20% over its financial results from this time last year. According to the company, Ideal Standard contributed € 57.1m (approximately £49m) to its total consolidated revenue.
Villeroy & Boch announced its plans to acquire Ideal Standard at the end of last year, reportedly paying around €600 million (£517m) for the brand. It said that the acquisition would see the combined company become one of Europe’s largest manufacturers of bathroom products.
The acquisition officially completed in March of this year.
The company’s bathroom & wellness division specifically generated € 204.1m (£175.2m) for the first quarter of the year, which is a staggering 35% increase over last year’s first quarter figure. According to the company, revenue growth was seen across almost every area of the business, but in particular, its fittings and ceramic sanitaryware products.
Villeroy & Boch’s dining and lifestyle division – covering its sales of products such as plates and table accessories – was not as successful. It generated revenue of €72.3m (£62m), which is a 7% decrease over last year’s first quarter.
The company also revealed it had invested approximately € 3.1m (around £2.6m) into its property, plant and equipment. Specifically, this includes new pressure casting systems in Thailand and Hungary, and new moulds for showers and bathtubs in Belgium and the Netherlands.
Looking ahead to the rest of the year, Villeroy & Boch said that the market “continues to be characterised by a high degree of uncertainty”. However, it says its management board is “still expecting a significant increase in revenue, operating EBIT and investment” due to its acquisition of Ideal Standard.
In other news, Villeroy & Boch recently named Gabi Schupp as its new chief executive, replacing Frank Göring. Schupp started in her new role on January 1, this year.
