Industry News

Bossard reports strong growth momentum 23 May 2017

The Bossard Group made a strong start to the 2017 fiscal year: First quarter sales grew by 16.1% to CHF 197.9 million (+16.8% in local currency).

Bossard experienced solid organic growth, achieving an increase of 10.3% excluding benefit of acquisitions, with all market regions contributing to the favourable development. The most striking growth rates were realised in America, where cooperation with the largest US electric vehicle manufacturer continued to bear fruit. Sales rose by 29.9% to CHF 56.9 million (+28.4% in local currency), including contribution from the acquisition of Arnold Industries, consolidated from Q4 2016. Excluding the acquisition, growth in America was 15.5%, aided by modest growth – for the first time in several quarters – with Bossard’s second major US customer, operating in the agricultural technology sector.

The growth momentum also intensified in Europe, reflected in the Group’s profit performance. The positive trend in the second half of 2016 persisted – particularly in Europe where the Group generates approximately 58% of its total revenue. European sales rose by 10.2% to CHF 114.2 million (€105.3 million), an 11.7% increase in local currency. As a result Bossard achieved one of the best quarterly results in recent years. Sales growth varied but was evident in all countries, including Switzerland, where weak demand had persisted after the appreciation of the Swiss Franc in early 2015.
Development efforts in Asia directed at sustainability resulted in a sales increase of 16.5% to CHF 26.8 million Q1:2017. Bossard posted growth across all sales regions in Asia, including the Chinese market.
CEO David Dean was encouraged by the results. “The high growth rates in all market regions confirm our investment and acquisition decisions of recent years. Year after year, we have proven that we are able not only to grow, but to grow profitably. We will continue to be guided by this principle also in the future.”
After the successful start into 2017 fiscal year, Bossard is targeting full year sales of CHF 750 million to CHF 760 million, compared to CHF 695 million in 2016.

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