NORMA Group achieved a robust level of profitability in the second quarter of 2024 despite a difficult market environment, performing in-line with expectations.
Group sales in the second quarter of 2024 were down 5.5% over the prior year to €306.3million (Q2 2023: €324 million). Currency effects had a positive impact of 0.2%. The acquisition of the Italian irrigation specialist Teco, which was completed at the end of February 2024, also contributed 0.2% to sales development.
Growth in Americas, decline in Europe and Asia
In the Americas region, sales in the second quarter of 2024 showed a 1.3% year-on-year increase to €146.4 million (Q2 2023: €144.5 million). This includes positive currency effects of 1%. End customer driven business with stormwater drainage and irrigation solutions was the main growth driver – with Water Management growing by 5.9% compared to the same quarter of the previous year.
In the EMEA region, the company generated sales of €122.7 million in the second quarter of 2024, representing a decline of 10.1% compared to the prior year quarter (Q2 2023: €136.6 million). A downturn in the European vehicle industry with lower production figures was reflected in a 13.3% decline in sales in Mobility & New Energy compared to the same period of the previous year. Industry Applications also declined slightly by 3.6% compared to the second quarter of 2023.
In the Asia Pacific region, sales declined by 13.4% year-on-year to €37.2 million in the second quarter (Q2 2023: €42.9 million). This includes a decline of 1.6% due to negative currency effects. The continued hesitant recovery of the Chinese economy and, in particular, the uncertainties in the construction sector had a negative impact on business with joining technology for broad industrial applications (Industry Applications), which shrank by 26.4% compared to the previous year.
Having spent a decade in the fastener industry experiencing every facet – from steel mills, fastener manufacturers, wholesalers, distributors, as well as machinery builders and plating + coating companies, Claire has developed an in-depth knowledge of all things fasteners.
Alongside visiting numerous companies, exhibitions and conferences around the world, Claire has also interviewed high profile figures – focusing on key topics impacting the sector and making sure readers stay up to date with the latest developments within the industry.
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