28 Apr 2011

1st Quarter marks a good start for ASSA ABLOY

Besam's parent company, ASSA ABLOY, posted 13% growth in the first financial quarter of 2011.

ASSA ABLOY President and CEO Johan Molin reports that the year started quite promisingly for the company, with 13% growth in local currencies made up of 6% organic growth and 7% acquired growth during the first financial quarter.

“Asia, North America and South America showed strong growth, while the trend in Europe was more restrained but nonetheless stable, Johan Molin said. “I am pleased to see that the R&D investments in electromechanical lock solutions and access control are developing well and where HID in particular showed more than 20% organic growth in the quarter.”

Sales for the quarter in Entrance Systems division, of which Besam is a part, totaled SEK 1,097 M (954), with organic growth amounting to 4% (-3). There was a return to growth this quarter after two years of weak performance. The positive trend on the service side continued, and automatic doors also showed growth due to continuing strong demand in the retailing segment. Acquired growth amounted to 22%. Operating income totaled SEK 158 M (134), giving an operating margin of 14.4% (14.0). Return on capital employed amounted to 8.5% (12.7). Operating cash flow before interest paid totaled SEK 140 M (169).

The full Q1 financial report can be downloaded from ASSA ABLOY's global website.