ASSA ABLOY - Strong organic sales growth
ASSA ABLOY - Strong organic sales growth |
[19-October-2018] |
STOCKHOLM, Oct. 19, 2018 /PRNewswire/ -- Third quarter
Sales and income
[1]Excluding impairment of goodwill and other intangible assets of SEK -5,595 M in the second quarter of 2018. The effect on net income from the impairment of intangible assets was SEK –5,268 M. Comments by the President and CEO Accelerated growth in Global Technologies and continued strong growth in Americas During the last five years ASSA ABLOY Hospitality's performance has been very impressive, with innovative new solutions, combined with a solid financial development. The business has expanded from offering solutions for hotels and marine cruise ships into solutions for other verticals such as elderly care, student accommodation and logistics. As a result of this transformation, the Hospitality organization will now evolve under a new name, ASSA ABLOY Global Solutions, where we will develop the existing business and look for new opportunities to build global solutions for our customers. HID Global is also developing positively. Two years ago ASSA ABLOY set a target to double HID's revenue in five years' time through organic sales and acquisitions. With the recent announcement of the acquisition of Crossmatch, we are on track to reach this target. Crossmatch allows us to offer biometric identity in critical applications and complements our total offering. In Americas the growth was mainly driven by the development in the US. It is very encouraging that both the commercial and residential markets grew well during the quarter. In both segments our electromechanical products are market leaders and we note a strong demand for our innovative new solutions. Strong operating income and cash flow Operating cash flow was strong in the third quarter and increased by 13% to SEK 3,004 M. New CFO appointed Nico Delvaux Further information can be obtained from: Carolina Dybeck Happe, ASSA ABLOY is holding a telephone and web conference at 10.00 today which can be followed on the Internet at www.assaabloy.com. This information is information that ASSA ABLOY AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CEST on 19 October 2018. This information was brought to you by Cision http://news.cision.com http://news.cision.com/assa-abloy/r/strong-organic-sales-growth,c2648577 The following files are available for download:
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Company Codes: Bloomberg:ASSAB@SS, ISIN:SE0007100581, RICS:ASSAB.ST, Stockholm:ASSAB, OTC-PINK:ASAZY |
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