Assa Abloy: organic growth disappoints, share price declines

(CercleFinance.com) - Assa Abloy, the world's leading locksmith, lost ground on the Stockholm Stock Exchange on Wednesday following the publication of half-hearted quarterly results.


The Swedish group announced this morning that net sales rose by 10% to almost 38bn SEK in Q2.

Excluding the favourable impact of its recent acquisitions, net sales were down 1% on an organic basis.

While sales were solid in the Americas and in the Europe, Middle East, India and Africa (EMEIA) region, they were stable in access control and declined in Asia-Pacific and in advanced technologies, such as identification, the Group pointed out in a press release.

The group nevertheless reported an operating profit (Ebit) up 11% to 6.08 billion SEK, i.e. a stable margin of 16%.

Despite this, Assa Abloy shares were down 1.5% on Wednesday around 11:30 a.m., compared with a 0.3% decline for the OMXS30 index.


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