Titan Group recorded improved results in 1Q17 as the US market continued to recover. According to the group’s first quarter results, turnover was up 7.1% at €337.8 million with earnings up 18% on the same period last year at €51.1 million.
The US market remained the main regional growth driver, the company said, and comprises the greater part of Titan’s business. Turnover in the US was up 26.9% year on year at €221.2 million with US earnings almost doubling to €34.1 million from €17.9 million in 1Q16.
“The increase in demand for building materials, in tandem with investments undertaken by the group, have resulting in a considerable improvement in performance and profitability,” the company said.
Construction activity on the US East Coast, the location of Titan’s activities, is also expected to continue to grow, fuelled by all three main market sectors, bringing positivity to the group’s outlook.
“The growth in demand, in conjunction with the benefits accrued from the recently completed capital investments, strengthen the group’s position in the market and allow for an optimistic outlook on performance.”
When taxes and provisions for minority interests are taken into account, the company recorded a net loss of €3.9 million – significantly lower than the €18.6 million net loss recorded last year – in a quarter that is traditionally weak.