Signify: targets 2%-5% growth with 'profit engines' in 2019
(CercleFinance.com) - On Friday, Signify announced Q4 2018 net profit of 119 million euros (+215.
6%), against just 38 million euros in Q4 2017, despite sales that have fallen (-8.8%) to 1.9 billion euros.
Over the full year, the net income of Philips' former subsidiary came in at 261 million euros, down 7.2% relative to 2017. A similar trend could be seen in the group's annual sales, which fell from 6.96 billion to 6.36 billion euros (-8.7%). However, the group's adjusted EBITDA margin improved by 50 basis points to 10.1%, despite a negative FX impact of around 50 basis points.
“We continued to make solid progress with our simplification and cost reduction actions in 2018, resulting in a substantial increase in profitability and strong free cash flow delivery. In line with our strategy, our growing profit engines - LED, Professional and Home - have strongly contributed to these improvements and our LED-based sales have grown by 2.5%, now representing 71% of total revenues,” said CEO Eric Rondolat.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
6%), against just 38 million euros in Q4 2017, despite sales that have fallen (-8.8%) to 1.9 billion euros.
Over the full year, the net income of Philips' former subsidiary came in at 261 million euros, down 7.2% relative to 2017. A similar trend could be seen in the group's annual sales, which fell from 6.96 billion to 6.36 billion euros (-8.7%). However, the group's adjusted EBITDA margin improved by 50 basis points to 10.1%, despite a negative FX impact of around 50 basis points.
“We continued to make solid progress with our simplification and cost reduction actions in 2018, resulting in a substantial increase in profitability and strong free cash flow delivery. In line with our strategy, our growing profit engines - LED, Professional and Home - have strongly contributed to these improvements and our LED-based sales have grown by 2.5%, now representing 71% of total revenues,” said CEO Eric Rondolat.
Copyright (c) 2019 CercleFinance.com. All rights reserved.