Umicore Group Half Year results 2020
Strong performance in Recycling offset COVID-19 impact in Catalysis and Energy & Surface Technologies
Against the backdrop of severe disruptions to society and business caused by the COVID-19 pandemic, Umicore demonstrated its resilience to extreme shocks and the complementarities of its business activities. In the first half of 2020 Umicore achieved financial results broadly in line with those of the same period in 2019, with a very strong performance in Recycling offsetting the impact of the downturn in the automotive industry on the results of Catalysis and Energy & Surface Technologies.
Umicore revenues for the first 6 months amounted to € 1.6 billion (-4% year on year) and the adjusted EBIT amounted to € 243 million, up 1% compared to the first half of 2019. Adjusted EBITDA increased 5% to € 376 million.
Marc Grynberg, CEO of Umicore, commented: “Despite the brutal effects on society and industry of the COVID-19 pandemic, Umicore showed great resilience and turned in a solid performance in the first half of 2020, demonstrating the complementarities of our businesses and showing the agility and determination of our workforce. I would like to express my immense gratitude to all those who have fought the pandemic on the front lines as well as to all Umicore employees who have adjusted to very challenging conditions in order to ensure the best possible business continuity. Umicore has ensured healthy and safe working conditions for its personnel and protected the financial health of the company with cost savings, reassessment of our industrial footprint, and increased liquidity. Our long-term strategic drivers remain intact and I am confident we will return to growth in clean mobility and recycling as we emerge from the pandemic.”