The Board of Directors of Prysmian S.p.A. has approved the consolidated results for the first half of 2011.
“The first half of 2011 has confirmed the signs of recovery in demand seen from the second half of last year, resulting in a volume increase for the majority of businesses”, states CEO Valerio Battista. “The half-year results report significant growth in sales and especially in profitability. The integration with Draka will further enhance the Group’s competitiveness: the launch of the new organisational structure at the start of July marks a fundamentally important step forward in the integration process. The new Group has become operational and aims to achieve the first synergies as early as 2011, having also raised the annual run-rate target to €150 million. Despite continued signs of market weakness and recent turmoil on the financial front, we nonetheless confirm our targets for the year thanks to a strong order book ensuring ample sales visibility for the higher value-added businesses”.