Higher fibre sales volumes drove a 5.7 per cent increase in revenue for the Lenzing Group to € 658.4 million in the first quarter of 2024.
EBITDA more than doubled to € 71.4 million during the quarter, according to a press release from the company. EBIT was slightly positive at € 1.5 million, as opposed to minus € 41.4 million in the first quarter of 2023.
Although it was less than the previous year’s – € 74.2 million, earnings before tax (EBT) was still negative at € 17.8 million.
“The business development of the Lenzing Group is heading in the right direction in the first quarter. However, we cannot speak of a sustainable market recovery as long as price pressure in the fibre business remains high,” said Stephan Sielaff, Lenzing Group CEO.
The company went on to say that by adding a distinct management board member, it is anticipated that the initiatives that have already been identified would be implemented even faster, and that additional opportunities will be taken advantage of. Lenzing anticipates that during the upcoming quarters, these steps will gradually help to further boost earnings. Considering the previously indicated aspects, the group affirms its projection of increasing EBITDA year over year for the 2024 fiscal year.