SFS Group reports that after a solid first quarter, business was, as expected, negatively affected in the second quarter by the economic repercussions of the Covid-19 pandemic.
During the quarter, SFS focused on protecting employee health, maintaining business continuity and implementing extensive measures to protect profitability. Innovation driven projects continued as before.
Thanks to organic growth at two divisions and a well balanced positioning, the decline against prior year sales of CHF 867.8 million (€815.5 million) is limited to approximately -11%. The negative currency effect offsets the positive acquisition effect.
Despite the contraction in sales, SFS expects the EBIT margin for the first half of the year to be at around 9% (prior year period, adjusted: 12.6%) and the EBITDA margin at approximately 15% (prior year period: 17.6%).
Detailed financial figures for the first half of 2020 and a revised guidance for the full financial year 2020 will be released on 21st July 2020.
Will joined Fastener + Fixing Magazine in 2007 and over the last 15 years has experienced every facet of the fastener sector - interviewing key figures within the industry and visiting leading companies and exhibitions around the globe.
Will manages the content strategy across all platforms and is the guardian for the high editorial standards that the Magazine is renowned.
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