Pyrum Innovations AG (Pyrum) has published its consolidated financial report for the period from 1 January to 30 June 2024.

Both the company's financial situation and its half-year results were primarily defined by investments made at the Dillingen/Saar headquarters, orders for plant components that required a lengthy lead time for the new Perl-Besch site, personnel expansion and organisational structure development. Furthermore, the rCB pelletising plant's throughput volumes remained below goal.

Revenue in the first six months totalled EUR 708 thousand and was therefore EUR 41.3 1TP3 thousand higher than in the first half of 2023 (EUR 501 thousand). Own work capitalised amounted to EUR 3,614 thousand (H1 2023: EUR 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 EUR 44,000 thousand to EUR 4,536 thousand (H1 2023: EUR 8,155 thousand) compared to the same period of the previous year due to lower own work capitalised. At EUR 800 thousand, other operating income more than doubled compared to the same period of the previous year (H1 2023: EUR 356 thousand). This was due to investment grants totalling EUR 531 thousand (EUR 151 thousand) for the creation of jobs in Dillingen resulting from the plant expansion. The consolidated net loss for the period amounted to EUR ‑4,787 thousand (H1 2023: EUR ‑4,408 thousand). Available liquidity increased to EUR 9,502 thousand as at 30 June 2024 (31 December 2023: EUR 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 EUR ‑10.0 million to EUR ‑12.0 million for 2024 to be slightly above the previously expected range of EUR ‑11.0 million to EUR ‑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 EUR 1.9 million and EUR 2.4 million are now expected for the year as a whole (originally EUR 3.0 million to EUR 4.0 million). In addition, total operating performance is also expected to be lower than planned at around EUR 10 million (originally EUR 25 million to EUR 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.

Pascal Klein, CEO, Pyrum Innovations AG, said, “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.”

Elmer Wiemer, Chief Financial Officer and designated Chief Executive Officer of Heuver Group, has passed away. The group shared the sad news in a statement announcing that he passed away on 4 May at the age of 48 after a brief illness.

Wiemer has had a lasting impact on the Heuver Group since he took office in 2020. As CFO, he played a pivotal role in bolstering the course, advancing the organisation's professionalism and attaining long-term success. His strategic vision and astute financial sense were always bolstered by a strong sense of accountability and a kind, humane leadership style.

“He was a true inspiration. Elmer’s legacy is tangible in the way we work together, in the culture he helped shape and in the ambitions he helped realise. We lose in him not only a leader, but also a warm personality, a dedicated colleague and a dear friend,” said Heuver Group management.

Goodyear has launched the award-winning Goodyear Eagle F1 Asymmetric 6 tyre in the United States and Canada. The premium summer tyre has emerged the winner in the 2025 AutoBild test for ultra-high-performance (UHP) tyres and is aimed at a wide range of sporty and luxury cars, crossovers and SUVS.

With its unique tread composition that optimises rubber-to-road contact, the Goodyear Eagle F1 Asymmetric 6 offers responsiveness and stability for dynamic driving. While the flexible tyre compound provides better grip in hot weather, the asymmetric tread pattern guarantees rapid responsiveness and traction in turns. To guarantee a peaceful, pleasant ride, the tyre pattern and lightweight design also reduce road noise. Goodyear's SoundComfort and SealTech innovations are two notable features found in certain Eagle F1 Asymmetric 6 fitments. For a more peaceful and elegant driving experience, SoundComfort reduces road noise, while SealTech successfully seals punctures up to five mm. Because of its high load rating and low rolling resistance, it is perfect for contemporary SUVs and electric cars, which require more from their tyres in order to maximise economy and range.

Nearly 90 percent of SKUs for the Goodyear Eagle F1 Asymmetric 6 are 18 inches or greater, with over 100 sizes available in the 17–23-inch range. Numerous well-known automobiles, such as the BMW M3/M4/X3/X4/X5/X6/X7, Audi A4/S4/A5/S5/A3/S3, Mercedes C-Class, Porsche Macan/Boxster/Cayman and Cayenne, and Tesla Model S, may be fitted with the Goodyear Eagle F1 Asymmetric 6. Customers may feel more secure about their purchase with the Goodyear Eagle F1 Asymmetric 6's 30,000-mile (50,000-kilometre) tread life limited guarantee. It is available at authorised Goodyear retailers across the United States and Canada.

Ryan Waldron, President, Goodyear Americas, said, "The Goodyear Eagle F1 Asymmetric 6 represents the next evolution of ultra-high-performance summer tyre, delivering precision, grip and comfort for drivers. As an award-winning tyre designed for a wide range of sporty and luxury vehicles, including the larger rim sizes on many of these vehicles, it provides a driving experience tailored to today's most premium enthusiasts. We're proud to introduce this globally recognised product to North America, bringing advanced technology and innovation that keeps drivers confident on the road."

Toyo Tires reported record first-quarter sales of 135.5 billion yen ($880 million), marking a 6.2 percent increase year over year and reaching its highest level since adopting its current accounting period in 2013. Despite the top-line growth, operating income fell 13.7 percent to 22.4 billion yen due to rising raw material costs and foreign exchange headwinds.

“Strong sales of large-diameter tyres in North America drove revenue growth but couldn’t fully offset higher production costs,” said the company in its earnings statement. The Japanese tyre maker saw a 7.7 percent sales increase in North America, which remains its largest market.

Profit Squeeze

Ordinary income plunged 42.7 percent to 18.3 billion yen, while profit attributable to owners dropped 41.4 percent to 13.5 billion yen, primarily due to foreign exchange losses from the yen’s appreciation. The Japanese currency strengthened to 154 yen per dollar during the quarter, compared to 146 yen in the year-ago period.

The company maintained its full-year forecast, projecting annual sales of 585 billion yen, up 3.5 percent from FY2024. Operating income is expected to reach 85 billion yen, down 9.6 percent , with operating margin declining to 14.5 percent from 16.6 percent last year. The annual dividend forecast is 125 yen per share, up from 120 yen in the previous fiscal year.

“Assuming tariff impact can be absorbed with appropriate measures, earnings forecasts for FY2025 remain unchanged,” the company stated, maintaining its dividend payout ratio target of 30 percent  or higher.

Production and Expansion

The tyre maker plans to increase production volume by 6 percent in FY2025 compared to the previous year, with significant growth in both Japanese and European operations. First-quarter global production volume was 59,100 tons, representing 98 percent of the previous year's level.

Capital investment for FY2025 is projected at 35.6 billion yen, up from 25.6 billion yen in FY2024, signalling continued expansion despite market headwinds. The company has invested 194 billion yen in capital expenditures over the past five years.

Market Conditions and Raw Materials

Raw material costs continue to pressure margins, with the company projecting a negative impact of 10.5 billion yen for FY2025. Natural rubber price increases are expected to cost 7.4 billion yen, while petroleum products will add 2.0 billion yen in costs, and other materials will contribute 1.1 billion yen to the cost pressure.

First-quarter sales volume showed strong recovery in the Japanese replacement tyre market, reaching 97 percent of the previous year’s level. In comparison, North America demonstrated robust growth at 105 percent year-over-year.

Product Innovation and Corporate Initiatives

The company recently launched premium tyres for high-roof kei cars in Japan with enhanced wet grip performance. These tyres feature eco-friendly materials that improve wet braking performance by 12 percent while reducing rolling resistance by 9 percent.

In March, the company introduced new SUV tyres designed specifically for quiet city driving that meet the “Low Car Exterior Sound Tyres" voluntary standard established by the Japan Automobile Tyre Manufacturers Association.

GRP Limited reported a 19 percent year-on-year increase in total income to INR 5.52 billion for fiscal year 2025, driven by an 11 percent increase in volumes and a three percent price increase. The company also announced a strategic capital expenditure plan of INR 2.5 billion to expand its sustainability-focused operations.

The Mumbai-headquartered polymer recycling company saw its EBITDA climb 33 percent to INR 694 million, with margins expanding by 128 basis points to 12.6 percent. Profit after tax rose 36 percent to INR 307 million for the fiscal year ended March 2025.

Expansion Plans and Financing

GRP’s board has approved a significant expansion plan that will be executed in two phases over three years. Phase one will involve capital expenditure of INR 1.5 billion to be deployed by December 2025.

GRP secured approval to raise INR 1.5 billion to finance the expansion through a qualified institutional placement (QIP) or other permissible methods. Additionally, the company has finalized documentation for external commercial borrowing of EUR 15 million from the French development finance institution Proparco.

“We've already invested approximately Rs 49 crore in our integrated facility project," said Harsh Gandhi, Managing Director of GRP Limited. "The crumb rubber unit commenced operations in Q4 FY25, and the first line of our continuous pyrolysis unit is scheduled to begin operations in Q1 FY26.”

Strategic Focus on Sustainability

The capital expenditure will focus on three key areas: deploying new technology to produce reclaimed rubber with lower CO₂ emissions, expanding capabilities in crumb rubber and other categories identified under India’s Extended Producer Responsibility (EPR) regulations, and growing the plastic recycling business.

The company noted that its energy investments already yield tangible benefits, with savings of INR 36.7 million from renewable power and INR 36.4 million from biofuel projects in FY25. These initiatives contribute significantly to reducing greenhouse gas emissions.

Quarterly Performance

For the fourth quarter of FY25, GRP reported total income of INR 1.606 billion, up 16 percent year-on-year. Q4 EBITDA jumped 45 percent to INR 331 million, with margins expanding by 404 basis points to 20.6 percent. Profit after tax for the quarter rose 67 percent to INR 194 million.

Business Segment Performance

The company’s reclaim rubber segment, which contributes 89 percent of total revenue, saw a 16 percent increase in revenue to INR 4.78 million for FY25. The non-reclaim rubber segment, comprising engineering plastics, polymer composite, and custom die forms, grew 15 percent to Rs 572 million.

Export revenue, which makes up 56 percent of total revenue, increased by 11 percent to INR 2.98 billion. Domestic revenue grew by 23 percent to INR 2.37 billion.

Extended Producer Responsibility Revenue

GRP reported INR 220 million in EPR credit sales and an accrual of INR 214 million in EPR revenue, citing improved stability in the EPR regime, consistent demand for credits, and the emergence of a stable market price.

“The enforcement of EPR regulations for plastics starting 1 April 2025 is expected to drive further demand for our products," added Gandhi.

Operational Efficiency

The company improved its working capital efficiency, reducing the working capital cycle from 94 days in FY24 to 76 days in FY25. Employee costs declined from 11.8 percent to 11.3 percent of revenue, reflecting the impact of automation initiatives.