Pipe manufacturer Wavin today forecast the fourth-quarter sales decline to be more moderate than in the previous quarters.
The company's like-for-like sales in the third quarter dropped 20 per cent year-on-year; for the first nine-months of the year, the decline was 24.9 per cent. Wavin noted that construction markets across Europe showed signs of stabilisation in the third quarter.
Wavin's third-quarter EBITDA margin increased from 11.4 per cent in the same quarter last year, and the company says its cost savings programme is ahead of target.
Wavin expects the relative improvement in the rate of sales decline to continue in the fourth quarter, citing a much easier comparison measure.