Consolidated turnover for TITAN Group in 1Q19 stood at €363 million, recording a 12% increase compared to 1Q18. It is thought that this is largely due to the robust US market and growth in Southeastern Europe. The improvement in EBITDA was limited to 2%, reaching €44 million, as changing conditions in both Egypt and Turkey impacted operational profitability. The Group’s net results after minority interests and the provision for taxes was a €6 million loss, compared to a €1 million profit in 1Q18. The company has stated that this reflects higher depreciation charges and unfavourable foreign exchange movements.
The company has also observed that, in general, the first quarter is susceptible to varying weather patterns. As such, it has stated that comparisons against the corresponding quarter of a previous year are not necessarily indicative of performance going forward in the course of the year.
Outlook
The Group has stated that its overall outlook for 2019 is favourable. There are positive demand dynamics in the US, Southeastern Europe, and Brazil, although this is somewhat delayed in Greece. In comparison, it is expected that conditions will remain challenging in Egypt and Turkey.