Grammer 2019 profit after tax up 87.5% y/y to USD48.7 million

The company suspends its FY 2020 outlook amid unprecedented uncertainty due to COVID-19 pandemic

Grammer has confirmed its previously announced preliminary results for the financial year ended 31 December 2019, the company said in a press release on 30 March. The Germany-based automotive interior supplier’s profit after tax increased 87.5% y/y to EUR43.5 million (USD48.7 million). Revenue grew by 9.5% y/y to EUR2.04 billion, driven by first time, full year consolidation of TMD, which Grammer acquired in October 2018. The higher revenue helped Grammer record an operating EBIT of EUR77 million, up 1.6% y/y, and an operating EBIT margin of 3.8%. The company also reported a 53% y/y increase in EBIT to EUR74.5 million.