Titan increased turnover in first six months by 24.8% to EUR 764.7m and the operating profit at the EBITDA level by 36.5% to EUR 220.4m. Sales of cementitious materials grew by 7.5% to 7.75Mt, while ready-mixed concrete volumes rose by 12.3% to 3Mt and aggregates by 7.7% to 10.72Mt. Capital expenditure during the period amounted to €140m.
The Greek operations raised turnover by 13.4% to EUR 280.3m and EBITDA by 15.6% to €85.3m. Domestic demand has been good and a 3.5% price increase was introduced in April. Export prices have also been rising on the back of strong demand and are now reported at €35 per tonne FOB. In south eastern Europe, turnover rose by 14.7% to EUR 77.1m while the EBITDA advanced by 35.6% to EUR 25.9m. By far the strongest growth is being seen in Bulgaria, where the group now has to import cement in order to keep up with demand. A modest increase was achieved in Macedonia, bur the Serbian profit declined because of higher costs that could not be fully passed on in a market where volumes were lower.