Seb: solid 9m results

(CercleFinance.com) - Unveiled after trading on Tuesday, Seb's accounts at end-September included sales of 5.
114 billion euros, up 10.5% as reported (+8.1% LFL).

The small household appliance group also performed will in Q3, with sales reaching 1.777 billion euros, reflecting growth of +10.9% and +7.7% LFL.

"ORfA amounted to E407 million at end-September, up 9.3% on the first nine months of 2018 comprising a currency effect of -E1 million and a scope effect (Wilbur Curtis and Egyptian JV) and method effect (IFRS 16) of +E15 million," the group said.



"Despite the very good performances posted so far in 2019, the global economic slowdown and the increasing geopolitical tensions since the summer are prompting us to be more cautious. In these circumstances, the Group is slightly adjusting its 2019 objective on organic sales growth which is now expected between +6% and +7%, rather than over 7% as announced at end-July. In the current environment, this very solid dynamic outperforms the industry and confirms the relevance of the Group's strategic model. The Group confirms its objective of around +6% increase in reported Operating Result from Activity in 2019, in a more favorable currency and raw material environment than expected," Seb said regarding its outlook.



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