Ladies and gentlemen, thank you for joining us for today's Investor and Analyst Conference Call in Polytec's 2024 half-year results. I'll walk you through the results. Afterwards, our CEO, Markus Huemer, who's sitting next to me, and I will answer your questions during the Q&A session. During our last conference call, we communicated that the negative EBIT trend from 2023 has been stopped. In quarter 1, we achieved a positive EBIT again, after a strongly negative trend in the second half- year, 2023. This positive progress has been confirmed in the second quarter, 2024. Let me give you a short summary. After EUR 1.4 million in quarter 1, 2024, Polytec's EBIT improved and amounted to EUR 2 million in quarter 2. The EBIT margin rose from 0.8%- 1.1% in quarter 2.
Polytec Group's consolidated sales slightly increased by 3% in the first six months of 2024, amounting to EUR 350 million compared to EUR 340 million in the first half- year, 2023. We can report a significant sales growth in the non-automotive market area, which is compensating the decline in sales in the commercial vehicle area. Update on our two operational non-performing plants. Plant one, further stabilization measures are underway and taking positive effects. Further potentials for improvement has been identified. Plant two, frankly speaking, there are still challenges. Minor improvements are recognizable. We have to focus furthermore on economic optimizing. Outlook unchanged.
From today's perspective, the management of Polytec Holding AG furthermore expects planned consolidated sales revenues in the range of EUR 660 million-EUR 710 million for the financial year 2024, and is targeting an EBIT margin of around 2%-3%. Now, let's have a more detailed look on the performance of the first half year, 2024 figures. I would like to start with an overview on our sales split. In total, Polytec Group generated sales revenues of EUR 350 million in the first half year, 2024, which is an increase of 3% compared to half year, 2023. We break sales performance in three market areas. Let me begin with the most important one, the passenger cars and light commercial vehicle market area, which contributed over 73% to our total turnover.
In the month of January to June 2024, sales revenues of EUR 256 million were generated. This corresponds to an increase of 1.8% compared to the same period of the previous year. Market area number two, Commercial Vehicles. We have already mentioned in our previous reports that the sales of heavy commercial vehicles are expected to decline in volume in fiscal year 2024. So sales revenues in the commercial vehicle market area showed a year-on-year reduction of 15% in the first half year. Sales amounted to EUR 50 million in the reporting period, equals to 14% of group total sales revenues. Very good news from market area number three, Smart Plastic and Industrial Applications. Since the first quarter of 2024, revenues in the non-automotive market area have shown a pleasing development.
After sales, as major customer had remained below expectations for several quarters, sales grew significantly during the first six months, 2024. Revenues increased by more than 50% to EUR 43 million, coming from EUR 28 million in the half year, 2023. The share of this market area in Polytec Group's consolidated sales rose by 4% points year-on-year, from 8.4%- 12.4%. For the second half of 2024, we expect sales in this market area to remain stable. From a market perspective, I want to highlight that European car registration increased by 4.4%, but production quantities declined by 3.7% in the first half year. Now, let's have a look on the financial figures.
In the months January to June 2024, EBITDA of Polytec Group increased by almost 13%, from EUR 17 million- EUR 19 million, compared to the same period of the previous year. Thus, the EBITDA margin increased year-on-year by 0.5%- to 5.5%. The high level of personnel expenses continued to weigh on the group's earnings situation in the first half of 2024. As a result of operational inefficiency on the one hand, and the collectively agreed wage increases on the other hand, the group's personnel expenses rose by almost 7% or EUR 8 million- EUR 120 million in the first half year. Hence, the group's workforce ratio increased by 1.2% points- 34.8%.
As of 13th June 2024, Polytec had a total of 3,906 employees and stayed 27 FTEs below previous year's number. More positive indications from the material expenses, which were reduced by 2% year-on-year. The cost of material ratio decreased by 2.6- points- 51.1%. Amortization and depreciation of around EUR 16 million in the first six months of 2024, was slightly below the previous year level. This brings us to the EBIT figure. I already mentioned in the beginning that EBIT turned positive in the first quarter. The positive progress went on in quarter two. EBIT amounted to EUR 1.4 million in the first quarter and increased to EUR 2 million in the second.
The EBIT margin in Q1 was 0.8% and has been improved to 1.1% in Q2, even containing a 723,000 book value loss out of the announced estates transaction. Looking at the full first half year, 2024, EBIT rose from EUR 0.3 million in the first six months of 2023 to EUR 3.5 million in the current year. The EBIT margin increased by 0.9% points from 0.1%- 1% compared to the same period of the previous year. The financial result in the first six months of 2024 amounted to -EUR 5.8 million, coming from a -EUR 3.6 million in the previous year. Compared to prior year, the share of variable interest-bearing loans is significantly higher.
Even though gradual reductions in key interest rates are expected, their interest payments will weigh on the group's net income for the full- year 2024. Consolidated earnings after tax in the month of January to June 2024 amounted to -EUR 2.7 million, coming from a -EUR 3.7 million in the first half year, 2023. Earnings per share amounted to -0.11 EUR in half year 2024. The half year 2023 showed a minus of -0.18 EUR. Finally, some facts of the assets and financial status. As of 30th of June, 2024, the group's balance sheet total amounted to EUR 531 million, a little bit lower compared to EUR 533 million on December 31st, 2023. The equity ratio remains stable at 41%.
Net debt improved and amounted to EUR 71 million as of end of June, a decrease of EUR 8 million compared to December 2023. In the same period, the gearing ratio fell from 0.36- 0.33. At recording date, Polytec Group had EUR 47 million of bank deposit. After looking back, we maintain our positive outlook for the full year 2024 unchanged. From today's perspective, the management of Polytec Holding AG furthermore expects planned consolidated sales revenues in the range of EUR 660 million-710 million for the 2024 financial year, and is targeting an EBIT margin of around 2%-3%. The outlook is underlined by ramp-up of new projects, improvements of our plant, Weierbach, further improvements in our plant in Lohne, and catch up our project revenues.
This was my statement of the half year 2024 result.