The revenues of Sogefi, the engine and components company of the Cir group, are growing: in the first quarter of 2014 they rose to around 340 million, +2,9% on the previous period (+9% at stable exchange rates).
The negative exchange rate effect due to the strong euro and the acceleration of restructuring in Europe (expenses of 11,3 million euros in Q1 2014 compared to 0,4 million in 2013) therefore weigh on the quarterly results, while the strengthening in North America and Asia with revenues up by 11,5% and 27,7% respectively to €50,3 million and €16,5 million.
Revenues in South America at 43,7 million (+5,9% in local currency, -20,2% in euro), heavily penalized by the exchange rate effect. Operating result at €22 million, stable compared to Q1 2013. EBITDA, EBIT and net result significantly affected by expected restructuring charges. EBIT before restructuring at €17,1 million (€18,6 million in Q1 2013).
Today at the opening of the Stock Exchange in Piazza Affari, the Cir share gains 0,43% a 1,179 euro.
