Strong performanceSecond quarter- Net sales increased by 10% to
SEK 37,968 M (34,474), with organic growth of -1% (3) and acquired net growth of 11% (6). Exchange- rates affected sales by 0% (8). -
Organic sales growth was good in
Americas and EMEIA, stable in Entrance Systems, but declined in Asia Pacific and Global Technologies. -
Eight acquisitions with combined annual sales of about
SEK 1,000 M were completed in the quarter. -
Operating income1 (EBIT) increased by 11% and amounted to
SEK 6,085 M (5,500), with an operating margin of 16.0% (16.0). -
Net income1 amounted to
SEK 3,927 M (3,731). -
Earnings per share1 amounted to
SEK 3.54 (3.36). -
Operating cash flow amounted to
SEK 5,604 M (6,671).
- Net sales increased by 10% to
SEK 37,968 M (34,474), with organic growth of -1% (3) and acquired net growth of 11% (6). Exchange- rates affected sales by 0% (8). -
Organic sales growth was good in
Americas and EMEIA, stable in Entrance Systems, but declined inAsia Pacific and Global Technologies. -
Eight acquisitions with combined annual sales of about
SEK 1,000 M were completed in the quarter. -
Operating income1 (EBIT) increased by 11% and amounted to
SEK 6,085 M (5,500), with an operating margin of 16.0% (16.0). -
Net income1 amounted to
SEK 3,927 M (3,731). -
Earnings per share1 amounted to
SEK 3.54 (3.36). -
Operating cash flow amounted to
SEK 5,604 M (6,671).
Sales and income
Second quarter | First half-year | |||||||
2023 | 2024 | Δ | 2023 | 2024 | Δ | |||
Sales, SEK M | 34,474 | 37,968 | 10% | 66,865 | 73,168 | 9% | ||
Of which: | ||||||||
Organic growth | 897 | -349 | -1% | 3,115 | -1,111 | -2% | ||
Acquisitions and divestments | 2,002 | 3,925 | 11% | 3,346 | 7,532 | 11% | ||
Exchange-rate effects | 2,109 | -83 | 0% | 4,346 | -118 | 0% | ||
Operating income (EBIT)1, SEK M | 5,500 | 6,085 | 11% | 10,686 | 11,512 | 8% | ||
Operating margin (EBITA)1, % | 16.6% | 16.9% | 16.6% | 16.6% | ||||
Operating margin (EBIT)1, % | 16.0% | 16.0% | 16.0% | 15.7% | ||||
Income before tax1, SEK M | 5,054 | 5,236 | 4% | 9,898 | 9,852 | 0% | ||
Net income1, SEK M | 3,731 | 3,927 | 5% | 7,423 | 7,389 | 0% | ||
Operating cash flow, SEK M | 6,671 | 5,604 | -16% | 10,741 | 8,701 | -19% | ||
Earnings per share1, SEK | 3.36 | 3.54 | 5% | 6.68 | 6.65 | 0% |
1 Excluding items affecting comparability. Please see the "Items affecting comparability" section in the report for further details about the financial effects in 2024. For information about items affecting comparability in 2023, please see the Year-end report 2023, available at assaabloy.com.
Comments by the President and CEO
Strong performance
Today we announce strong results in a challenging market environment. Our sales grew 10%, driven by very strong acquired net growth of 11%, while organic sales declined 1% and the operating margin was strong at 16.0%. The continued solid non-residential development in the US contributed to good organic sales growth of 3% in the
The operating profit increased by 11% to
Acquired growth is a key pillar for our growth strategy
To deliver on our 10% annual growth target we work with strategic activities shared across our divisions. One of these activities is to continue our acquisition journey. This has been a vital part of our strategy since the foundation, and it is further underscored by the strong growth in the first half of 2024. After a record of 24 acquisitions in 2023, we have closed another 11 acquisitions in the first six months of 2024. Given our robust pipeline and strong financial performance, we can continue our successful acquisition strategy. We are also convinced that the combination of our well-structured M&A process, our local knowledge and clear-cut investment criteria, provide a solid base for continued synergy realization while also enabling accelerated organic growth over time.
This report marks the one-year anniversary of
We can look back on a strong financial performance in the first half of 2024 and I am convinced that the Group is in an excellent position to continue to lead the industry and generate significant value for all our stakeholders.
President and CEO
Further information can be obtained from:
President and CEO, tel. no: +46 8 506 485 82
Erik Pieder,
Executive Vice President and CFO, tel.no: +46 8 506 485 72
Björn Tibell,
Head of Investor Relations, tel. no: +46 70 275 67 68, e-mail: bjorn.tibell@assaabloy.com
It is possible to submit questions by telephone on: 08-505 100 31, +44 207 107 0613 or +1 631 570 5613
This information is information that
https://news.cision.com/assa-abloy/r/quarterly-report-q2-2024,c4015788
https://mb.cision.com/Main/7333/4015788/2918795.pdf
https://news.cision.com/assa-abloy/i/assa-abloy-logo-door,c3320441
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