Before incidentals, EBITDA rose 11% to €153 million. Autonomous growth was eight percent, with five percent due to higher volumes and three percent higher prices. Acquisitions added four percent, while currencies had a negative impact of four percent, the company said.
Decorative coatings delivered a good start to the year, with both volume growth and improved margins, while the company’s marine and protective activities experienced double digit growth, led by aerospace and protective coatings.
The industrial activities delivered a healthy performance, although the slowdown in the U.S. housing industry affected some parts of the businesses.
Car refinishes continued to report improved EBIT margins on both cost control and growth in emerging markets.