Hoffmann Green’s sales fall as loss increases
Hoffmann Green Cement’s consolidated net revenue fell by 19 per cent year-on-year to Euro 504,000 in 2020 from Euro 620,000 in 2019. Net loss was Euro 6.12 million, up by 41 per cent from Euro 4.34 million. Loss in earnings before interest, taxation, depreciation and amortisation (EBITDA) more than doubled to Euro 4.13 million from Euro1.85m. During the year, the group began construction of its second cement plant, in Vendée, France.
Co-chairs Julien Blanchard and David Hoffman said, “We are happy with what we achieved at Hoffmann Green in 2020, in spite of the pandemic. We signed numerous technical and commercial collaboration contracts with key players in the construction sectorsuch as Groupe GCC, KP1, Cemex and Eiffage Génie Civil, taking our order book to over 190,000t to date.” They reconfirmed the target of a 3 per cent French cement market share by 2025/2026, adding, “The commercial dynamic continues at the beginning of 2021 with the signing of contracts with Ouest Réalisations for the construction of housing, and EdyCem to develop low carbon footprint concretes.”
Blanchard and Hoffmann called 2020 ‘the year of increasing production volumes,’ adding that the group expects on-going and future environmental legislation in all its regions to bolster demand.