Duravit releases 2019 report
Report reveals 'substantial revenue growth' and confirms new CEO
German bathroom manufacturer Duravit AG saw 'substantial revenue growth in 2019' according to a report released today by the company.
Against a landscape of low global economic growth, the Group’s total revenues were up by 4.8% (€486.8 million) at year end, while net profits increased by more than 20% year on year.
The report suggested that continued profitability and a solid balance sheet 'put the company in an ideal position to continue on its successful course once the Covid-19 pandemic has been overcome'.
Duravit’s home market in Germany continued to remain a key pillar for the company’s success, while key sales markets such as Switzerland and Spain also generated above-average revenue growth. China produced the highest revenue growth with 20%, and a strong result in Egypt also contributed to the positive development of the business.
The report cites the introduction of a new SensoWash® generation as generating 'especially dynamic growth' in the shower- toilet segment, and notes that its tap business also did 'extremely well'.
'The sanitary ceramics business was also up, and the private label business, with a share of less than 2% of overall revenues, made a positive contribution to the development of key business relationships.'
The report also confirmed reports that CEO Professor Dr Frank Richter will leave the company on 30 June 2020, 'to devote himself to new activities'.
His designated successor is Stephan Patrick Tahy, currently CEO of De’Longhi GmbH Germany and previously Vice President and General Manager at Mattel Inc.