First quarter trading update 2015
Summary:
Bekaert reports strong sales growth driven by acquisitions and favorable currency movements
Bekaert achieved consolidated sales of € 904 million and combined sales of € 1 106 million in the first quarter of 2015, an increase of 16% and 12% respectively, compared with the same period last year.
Bekaert's consolidated top line was boosted by acquisitive growth (+10%) stemming from the incorporation of the Pirelli steel cord activities and the acquisitions within the ropes business. Favorable currency movements (+10%) more than offset the 4% organic sales decline which was due to weaker business in China and the volume loss resulting from the November 2014 fire at the Rome plant in the US.
Combined sales increased by 12%. The effects of acquisitions and currency movements accounted for +8% each. The organic sales decline (-4%) was attributable to the same elements as in the consolidated revenue while the Brazilian joint ventures made a good start to the year.