Thanks to the continuous increase in TUBACEX order intake month by month, the Group has consolidated its growth with a backlog standing at 40%, above the average for recent years. Short-term prospects are positive and are mainly determined by TUBACEX position in the umbilical offshore tubes segment with a record portfolio and almost 100% of 2020’s capacity already sold on the one hand; and thanks to TUBACEX position in key regions where the company is at the final awarding stages of large projects, on the other.
Against the backdrop of this gradual market recovery, TUBACEX netted €476.3 M from sales from January to September 2019. Although this represents an 8.4% drop in relation to the sales recorded in the same period in 2018, it also stands for a 23% increase since the start of the crisis. Therefore, excluding this order, the Group turnover has increased by almost 40%.
The general market recovery is allowing results to be generated in a more balanced way inside the Group. In turn, this has also enabled operating leverage ratios to be maintained for all business units and therefore, consolidated margins approaching double figures.