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Wavin update makes grim reading

Wavin’s trading update shows the plastic pipe systems and solutions supplier has been hard hit by the recession.

The company has put its woes down to the credit crisis and its negative impact on housing starts, commercial property investments and repair & maintenance activities in many countries.

2008 earnings before interest, taxes, depreciation and amortisation (EBITDA) is expected to drop around 25 per cent to just below EUR160 million. The Ebitda margin will be around 10 per cent (2007: 13 per cent).

Wavin’s total revenue forecast for 2008 is approximately 2 per cent below the 2007 level of EUR1.62 billion. Adjusted for acquisitions and at constant currencies, like-for-like revenue is expected to be down around 7 per cent.

The company has reduced its head count by 10 per cent in Europe this year (losing 650 staff). The cost of this programme is approximately EUR12 million.