Bossard Group Warns of Clear Indications of a General Slowdown of Growth

Reporting Quarter 3 Group results reflecting 3.9% sales growth in local currencies, Bossard Group warns of clear indications of a general slowdown of growth as well as declining PMIs worldwide. Positive growth rates in local currencies were reported for America (+10.7%) and Europe (+4.9%) but sales in Asia were down 7.2% year on year. Declining global demand has had an impact on export-oriented customers in this region, particularly those in the electronics sector. Group sales for the third quarter of 2011 totaled CHF109.3 million (88.3 million euros), an increase of 3.9% in local currencies. However, with the strong appreciation of the Swiss franc against most other currencies, sales in the third quarter expressed in the Group’s accounting currency were down 8.5% year on year. In the first nine months of 2011 Bossard Group reached sales of CHF361.7 million (292.2 million euros), an increase of 11% year on year in local currency. Sales expressed in Swiss Francs were, however, down 0.5%. Bossard projects full year sales in the region of CHF460 million (371.6 million euros) and net income of some CHF40 million (32.3 million euros). Source:chinafastener.com