Fibre manufacturing group Lenzing has reported revenues of 2020 of just over €1.6 billion, a fall of 22.5% compared to the previous year.

It said the covid-19 crisis had made for an “extremely difficult market environment”, but it said it felt it had responded successfully.

Lenzing said the immediate effects of the pandemic included an increase on the pressure on prices and volumes in the textile fibre market, in particular in the second quarter of 2020. It said there had been a recovery in demand in the second half of the year, in particular for wood-based fibres such as Tencel.

It said this second-half recovery had had a positive impact on revenues, but could not compensate for losses earlier in the year. 

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