Pyrum Innovations AG (Pyrum) today published its consolidated financial report for the period from 1 January to 30 June 2024. The half-year results and the financial position of the company continued to be largely characterised by investments at the company headquarters in Dillingen/Saar and for orders for plant components with long delivery times for the new site in Perl-Besch, as well as investments in personnel expansion and the further development of the organisational structure. In addition, throughput volumes at the rCB pelletising plant were still below target.

Pascal Klein, CEO of Pyrum Innovations AG: “We can look back on an exciting and successful first half of the year at Pyrum. Our industrial series plant is finally up and running and the start-up phase of the new TAD 2 and TAD 3 production lines has been successful. This has laid the foundations for our future development. We are currently doing everything we can to ensure that TAD 2 and 3 can soon go into continuous operation, which will also be reflected in the figures in the future. We are also focussing on financing further expansion.”

Revenue in the first six months totalled € 708 thousand and was therefore € 41.3 1TP3 thousand higher than in the first half of 2023 (€ 501 thousand). Own work capitalised amounted to € 3,614 thousand (H1 2023: € 7,613 thousand) as the expansion and optimisation of the plant in Dillingen progressed as planned. The decrease corresponds to the lower cost of materials required to produce own work capitalised as the degree of completion of the plant expansion in Dillingen increases. As expected, total operating performance fell by around € 44,000 thousand to € 4,536 thousand (H1 2023: € 8,155 thousand) compared to the same period of the previous year due to lower own work capitalised. At € 800 thousand, other operating income more than doubled compared to the same period of the previous year (H1 2023: € 356 thousand). This was due to investment grants totalling € 531 thousand (€ 151 thousand) for the creation of jobs in Dillingen resulting from the plant expansion. The consolidated net loss for the period amounted to € ‑4,787 thousand (H1 2023: € ‑4,408 thousand). Available liquidity increased to € 9,502 thousand as at 30 June 2024 (31 December 2023: € 4,483 thousand) due to the payment of two further loan tranches from BASF for the construction of the plant in Perl-Besch.

As a result of lower costs, the company expects earnings before interest and taxes (EBIT) of € ‑10.0 million to € ‑12.0 million for 2024 to be slightly above the previously expected range of € ‑11.0 million to € ‑13.0 million.

As a result of the lower-than-planned throughput of the pelletising plant to date, the company assumes that sales will probably not meet the original forecast until the fourth quarter. As a result, sales of between € 1.9 million and € 2.4 million are now expected for the year as a whole (originally € 3.0 million to € 4.0 million). In addition, total operating performance is also expected to be lower than planned at around € 10 million (originally € 25 million to € 30 million). Contrary to planning, no plant purchase agreement has yet been concluded, as the approval process required for a final investment decision has not yet been completed despite the progress made on the projects. The company is dependent on the processing times of the approval authorities.

There will also be a change in the composition of Pyrum’s Executive Board. When his contract expires on 15 October 2024, Michael Kapf will no longer be a member of the company’s Management Board for personal reasons. After his departure, however, he will remain an employee of Pyrum Innovations AG and will continue to be primarily responsible for the company’s IT.

Alf Schmidt, Chairman of the Supervisory Board of Pyrum Innovations AG, thanks Michael Kapf on behalf of the entire Supervisory Board: “We are extremely grateful to Michael Kapf for his dedicated and successful work over the past years since the company was founded. He has made a decisive contribution to making Pyrum a leading company in the field of thermolysis of used tyres. We are very pleased that he will remain with the company as an employee after his departure from the Management Board and will continue to contribute his expertise.”

Following the departure of Michael Kapf, the Management Board of Pyrum Innovations AG will in future consist of CEO Pascal Klein and CFO Kai Winkelmann. In view of the current size of the company, Pyrum considers itself to be very well positioned to continue its growth trajectory.

The consolidated interim report for the first half of 2024 of Pyrum Innovations AG is available on the company’s website at Pyrum's website.