Texaf, S.A. announced unaudited consolidated earnings results for the first half ended June 30, 2014. For the period, the company's operating profit was up by 9% to €3,281,000 or €0.926 per share against €3,010,000 or €0.944 per share a year ago. Profit before tax (of continued operations) was €3,144,000 against €2,923,000 a year ago. Net profit was €2,267,000 or 0.691 per share against €2,208,000 or 0.692 per share a year ago. Cash flows from operating activities was €2,856,000 against €4,085,000 a year ago. Revenues from ordinary activities was €9,083,000 against €9,103,000 a year ago.

For 2014, one of the Group's main customers, an international agency, is redeploying a large portion of its employees to the East of the country and has given notice of its intention to vacate around 2/3 of the warehouses that they occupy, from the start of 2015. In the short term, the loss of revenue due to this partial departure is estimated, at this stage, at €1.28 million and will be offset by the new projects mentioned above. Nevertheless, the Group is viewing this departure as an opportunity in the medium term to redevelop significant premises that were rented out at low rates per m2.