Greece: Titan’s turnover grew by 20.7% year-on-year to Euro1.14bn in 2015 from Euro1.16bn in 2014. Its net profit rose by 9.1% to Euro33.8m from Euro30.9m. The cement producer attributed the result to growth in the US market.

Despite rising turnover in the fourth quarter of 2015 the group reported a net loss of Euro2.4m down from a net profit of Euro0.4m in the fourth quarter of 2014. This was due to its subsidiary Titan America suspending construction of a cement plant in Castle Hayne, North Carolina, resulting in a Euro12.4 impairment charge due to the suspended investment.

By region the group reported that its total turnover for Greece and Western Europe in 2015 fell by 5.6% to Euro269m, mainly due to the continued depression in the construction market in Greece. Turnover in the US grew by 45% to Euro680m, supported by a growing residential housing market particularly in the south east of the country. In Southeastern Europe turnover remained static at Euro209m. In Egypt cement demand grew by 5% but low prices in the second half of the year reduced profits. Turnover increased by 22.3% to Euro241m in this territory.

Group net debt rose by Euro81m in 2015 to Euro621m, due to high capital expenditure in 2015, the acquisition of a minority stake in Antea in Albania and the strengthening US Dollar.