Boosted, in particular, by a very strong performance in Poland, H+H, Europe’s second largest producer of aerated concrete, increased its first half turnover by 20.9% to DKr948.7m (€127.4m) and the EBITDA jumped by 94.5% to DKr189.8m (€25.5m) and the pre-tax profit by 166.9% to DKr113.7m (EUR15.3m). Two new plants are currently under construction in Poland and Russia and H+H is looking for a suitable site for its first factory in the Ukraine.
British turnover rose by 6.0% to DKr361.7m (EUR47.2m) while the EBITDA advanced by 40.1% to DKr68.1m (EUR9.1.2m). Germany and Denmark remained the largest profit earner in the group, with an EBITDA 2.8% ahead at DKr70.3m (EUR9.4m) though the turnover declined by 8.7% to DKr252.3m (EUR33.9m) as a result of the weakening of demand in Germany. More of the German production was diverted to Poland, where capacity was insufficient to cope with demand. Turnover in Eastern Europe jumped from DKr73.5m (EUR9.9m) to DKr230.7m (EUR31.0m) and the EBITDA went from a negative DKr13.6m (€1.8m) to a DKr52.1m (EUR7.9m) profit. Better markets in Finland and Sweden led to a 32.4% revenue growth to DKr144.0m (EUR19.3m) in the Nordic area, with the EBITDA more than doubling to DKr8.2m (EUR1.1m). Group profit expectations for the full year have yet again been increased, largely on the back of the strength of the Polish market.