Assa Abloy: stock stalls as results below expectations

(CercleFinance.com) - Assa Abloy, the world leader in door opening solutions, lost over 2% on the Stockholm Stock Exchange on Wednesday following the publication of lower-than-expected quarterly results.


The Swedish group's Q4 operating profit came in at 5.72bn SEK, compared with 5.15bn SEK a year ago, below the consensus of around 5.80bn SEK.

CEO Nico Delvaux emphasised that the company had succeeded in achieving record results for FY 2023, despite the slowdown in economic growth.

Q4 sales rose by 12% to 37bn SEK, again in line with consensus, while organic growth remained limited to 0.4%.

The dividend will increase to 5.40 SEK per share, up from 4.80 SEK in 2022, a payment to be made in two instalments.

Assa Abloy shares lost 2.1% following this publication, but the stock had gained nearly 32% last year, significantly outperforming its benchmark index, the Nasdaq OMX Stockholm, up 18% in 2023.


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