Germany: Schenck Process reported operating sales of Euro592m in 2020, down by 6% year-on-year from Euro632m in 2019. Adjusted group earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 11% to Euro91.4m from Euro102m. New orders for the year totalled Euro619m, down by 6% from Euro659m, but rose by under 1% to Euro292m from Euro291m in the Americas region. Demand for aftermarket service also fell, partly due to reduced production output and capacity utilisation in the global cement industry. The supplier said that construction and steel were also ‘hard hit.’ It attributed the decline to the effects of the Covid-19 pandemic on markets and customer demand. Corrective actions ‘partly mitigated’ the effects of this on income.
The group said that staff reduction have led to lower personnel expenses in the first quarter of the 2021 financial year.
