Assa Abloy: shares higher after good start to the year

(CercleFinance.com) - Sweden's Assa Abloy, the world's largest lock maker, said it had a good start to the year, posting organic growth of 4% for the first quarter.


January-March net profit came in at 1.96 billion Swedish kronor, from 1.92 billion Swedish kronor a year earlier.

Net sales increased by 2% to 18.55 billion Swedish kronor, despite the negative calendar effect of two fewer trading days, due to an early Easter.

However, Assa Abloy said its new products made a strong contribution, with high demand for electromechanical locks and access control solutions.

Assa shares are currently up 3.3% at 185.7 Swedish kronor, outperforming the broader Stockholm OMX index, which is down slightly.

The stock has risen by 10% so far this year.

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