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CORREA GROUP BOOSTS TURNOVER BY 19% IN FIRST HALF OF 2022

14 November, 2022The Correa Group (GC), a corporate group specialising in milling solutions at global level, has recorded revenue of 42.5 million euros in the first half of 2022. This amount represents a 19% increase with respect to the corresponding prior year period (37.9 million euros), thus consolidating the growth path embarked upon by the Group before the pandemic.

Despite the current climate of constant and generalised increases in energy costs, raw materials and transport, coupled with inflation rising to levels that were unimaginable a few years ago, the Correa Group is managing to sustain its levels of profitability. The Group's EBITDA has reached 4.3 million euros, thus bringing the rate of EBITDA over income to 10%, which is above the average profit rate in the machine tool sector.

Pre-tax profits have come to 3.5 million euros, slightly above the amount recorded in the same period last year. In percentage terms, return on revenue is 8%, which places the Correa Group in a benchmark position in the large milling machine manufacturing sector, particularly notable in the current climate.

The first half of the year has also recorded record amounts of incoming orders, amounting to 74.8 million euros, which is 67% above what the Group had recorded at the same time last year. This portfolio figure means that the Correa Group is not only looking towards year end with a certain optimism, despite the difficult climate, but it can also begin organising production for the coming year, since many of these orders will be for delivery in 2023.

These results have been possible thanks to a strict operational strategy which places profitability as its cornerstone, based on managing and controlling costs in all production processes and which now, more than ever, is being recognised and reinforced, since it is enabling the Group to increase its activity and its profitability despite a global climate of generalised cost increases.

In commercial terms, the importance of the company's export activity is still key, since it represents over 95% of its turnover, with significant geographical diversification. Sectorial diversification is gaining special relevance at this time, and the Group will largely focus its efforts on three sectors in which activity has begun to climb: Defence, for obvious reasons; the Renewable Energies and Nuclear sector, since seeking alternatives to fossil fuels is a global priority at present; and Aeronautics, which, although marginally less than the two aforementioned sectors, is also seeing an upturn after years of desolation.

“We, at the Correa Group, would like to stress that, although we are currently experiencing a time of instability and uncertainty both economically and geopolitically, we hold strong in our commitment to the Group's profitable growth and are confident that we can continue with our expansion strategy, which has been gradually increasing both our business volume and our results. We will continue to promote the development of our production processes, valuing initiatives that enable us to grow in volume, with the focus placed on efficiency. Digitalisation and automation, always with a sustainable development approach, will be the mainstays of our new investments. Our engineering, both in development and in applications and production, which is without a doubt one of our main distinguishing pillars, will spearhead this new phase, bringing us the most advanced techniques to be seen nowadays in our sector. We are hoping that European Funds can give our projects a boost, but they are not a determining factor, since our commitment to development is key at this time and we are determined to carry it out regardless of the source of financing,” concluded Correa Group CEO, Carmen Pinto.

Source: Interempresas.

    14/11/2022News

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