Increased demand for beverage and food glass containers in Italy and Europe boosted Zignago Vetro’s revenue for the first half of the year.
The Italian container glassmaker reported improved revenues for the first half of the year driven by volume growth.
It said the global perfumery markets continued to expand, with divergent performances across the various regions. The luxury segment of the perfumery market continued to feature excess supply, against demand which - although improving - stemmed mainly from long-standing products and the use principally of flankers for new initiatives.
Demand in some cosmetics sector segments slowed (in particular for nail varnish containers), impacted in part by socio-political conditions in a number of countries. However, positive signals emerged from some regions, including emerging economies, with a particular demand for high product quality.
The skincare segment continued to grow.
Results were impacted by a number of non-recurring events, some of which external to the company and particularly in Verreries Brosse following the repeated strikes called in France in response to the Government’s labour market reform initiatives.
Consolidated revenues in the first half amounted to €166.5 million compared to €160.6 million in the same period of the previous year, an increase of 3.7%.
Export sales were €62.8 million, up 1.3% from the previous year and comprised 37.7% of revenue. Consolidated operating profit was €21.7 million, compared to €21.3 million in H1 2015, up by 2% from the year before.
