- Group sales also increased in the third quarter
- Consolidated net income above previous year
- Supervisory Board extends management contract with Heinz Leibundgut
The construction chemicals group from Ulm continued its positive sales and earnings development in the third quarter. The sales of the Uzin Utz Group increased to EUR 286.5 million as of September 30, 2020, up 1.5% on the previous year (EUR 282.1 million). At EUR 26.1 million, the result from ordinary activities exceeded the previous year's figure of EUR 24.8 million.
Despite the considerable impact of the pandemic in some international companies, sales and earnings for the first nine months were above the previous year's level thanks to determined cost management and the stable construction industry in the domestic market. Chief Financial Officer Heinz Leibundgut summed up the company's performance: "Overall, we are at a crossroad. The impact of the current situation on our industry and our business in the coming months will largely depend on how the spread of the virus can be slowed down by political measures and the discipline of each individual. As long as construction sites, manufactures of building materials and dealers can continue to work without restrictions, the industry will benefit from an overall positive construction growth.” In the pandemic, the safety of employees remains a top priority for the Uzin Utz Group. With its comprehensive protective measures, the company aims to ensure that customers can continue to be reliably supplied with their products.
Management contract with Heinz Leibundgut extended until 2022
The Supervisory Board of Uzin Utz AG has appointed Heinz Leibundgut to the Board of Directors for a further two years. His responsibilities include finance and controlling, the management of the subsidiaries, compliance, risk management and investor relations. The Swiss national has been a member of the Board of Directors since 2016 and has been with the company since 1999. His current contract runs until the end of 2020 and is extended to the end of 2022 by resolution.
The mood in the construction industry, Uzin Utz's core and growth market, has deteriorated noticeably in recent weeks. This has reversed the positive trend in the economic recovery, which has continued since the beginning of the year in spite of the lockdown measures. In Germany, companies in the construction industry corrected their most recent very positive assessments of the current situation significantly downwards with the ifo business climate index in October. Their expectations for the coming months were also slightly more pessimistic, but the Group nevertheless expects the year to be good overall.