The Leading Journal for the Tyre Recycling Sector

The Leading Journal for the Tyre Recycling Sector

Pyrum Innovations 2022 Q3 Results

Pyrum Innovations AG has published its consolidated interim report from 1 January to 30 September 2022.

Total output increased sharply year-on-year in the first nine months of 2022 – by over 600% to EUR 14,156 thousand (9M 2021: EUR 2,007 thousand). This development resulted primarily from the increase in own work capitalised in the amount of EUR 13,171 thousand (9M 2021: EUR 1,319 thousand) as part of the ongoing plant expansion in Dillingen.

Compared to the first three quarters of the previous year, revenue increased by 5.3% to EUR 714 thousand (9M 2021: EUR 678 thousand). Pyrum deliberately included a large part of the coke produced in the inventory in anticipation of significantly higher sales prices after the commissioning of the new pelletising plant. The pelletising plant is part of constructing two new production lines at the main plant in Dillingen, whose future operation Pyrum has already received official approval.

Other operating income also increased in the reporting period by 25.6% to EUR 1,074 thousand (9M 2021: EUR 855 thousand). The reason for the increase was primarily income from research and development. Here, research grants of EUR 930 thousand (9M 2021: EUR 510 thousand) were realised, especially for the European project BlackCycle for efficiently recycling used tyres. The consolidated result in the first nine months of 2022 was EUR -5,675 thousand (9M 2021: EUR -6,829 thousand).

Pascal Klein, CEO of Pyrum Innovations AG said; “We were able to take further important steps as part of our ambitious rollout plans, and we are working with our partners to establish a sustainable circular economy for end-of-life tyres.

“Regarding the expansion of our main plant in Dillingen, we received the official operating permit at an early stage and will thus be able to serve the already high demand for our products even better in the future.”

Pyrum Innovations AG’s Consolidated Interim Report for the first nine months of 2022 is available on the company’s website.