3/10/2011 1:43:00 AM
NEWS BRIEFS
Bossard Reports Record Profit in 2010 Recovery
Bossard reported final results for 2010, which included a 20.9% rise in gross sales to CHF 477.61 million. Overall EBIT climbed 151.2% to CHF 47.26 million, while net income soared 193.7% to CHF 44.93 million.
Fourth quarter sales grew 20% to CHF 114.1 million (US$118.1 million).
“After the financial crisis of 2009, the world economy recovered surprisingly fast,” stated CEO David Dean. “Since we were exceptionally well positioned in all strategically important markets around the globe, we were able to exploit our market opportunities very rapidly and effectively.”
Europe
Sales for 2010 grew 21.4% to CHF 261.3 million. All countries reported double digit growth rates.
America
“Demand in America … improved steadily throughout the year,” producing a 21.1% gain to US$123.5 million.
Asia
Q4 sales in Asia totaled CHF 21.5 million a year-on-year increase in local currency of 24.1%. Compared to the prior year, sales in 2010 rose by 46.1% to CHF 87.5 million. In local currency the sales increase was marginally higher reaching 46.2%. Growth in all the relevant countries was 30% or more. Korea reported the highest growth rate of almost 90%.
Bossard pointed to “noticeably higher profitability” in all markets.
“Operating profit (EBIT) rose from CHF 18.8 million to CHF 47.3 million, in other words it more than doubled. The EBIT margin climbed to a record high of 10.3. All business units contributed to this positive result. America and Asia, in particular, made the most of their earning power in the reporting year.”
Likewise, the company said costs rose “less strongly than sales.” Operating costs without depreciation and amortization rose year on year by 12.8% to CHF 130.7 million – clearly less strongly than the 25% increase in sales. The savings programs implemented in the prior year and the targeted investments in productivity were very effective. Personnel expenses rose more steeply than other costs, primarily because short-time work was suspended, salaries and wages were adjusted upwards and higher variable compensation was paid.
During 2010 Bossard’s workforce grew 5.3% to 1,478 employees in more than 50 locations. ©2011 GlobalFastenerNews.com
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