Bossard published its full 2018 Annual Report confirming record sales, EBIT and net income. EBIT rose by 12.1 percent to CHF 108.8 million, while net income grew by 6.5% to CHF 85.4 million.
Excluding the non-operating result in the previous year, net income rose by 12.8%. The increase in performance is based on record sales of CHF 871.1 million (+10.8%). EBIT margin rose from 12.3% to 12.5%.
Bossard says it benefited from a noticeably improved economic environment in the first half-year. However, this visibly flattened out in the second half of the year. In Europe, the Bossard Group boosted sales by 10.8% to a record CHF 493.0 million, recording double-digit growth rates in many countries. It posted high single-digit growth in its two biggest European markets: Switzerland and Germany.
Similar to Europe, growth in America was broad-based, with sales rising 9.4% to CHF 240.9 million. Demand increased in the second half of the year, with increased production by the largest US electric vehicle a significant contributor. The successfully integrated acquisitions of the previous years also contributed. Sales increased 55.6% in Canada and 9.3% in Mexico.
In Asia, the Group reaped the fruits of its continuous multi-year investment policy. Sales rose by 13.4% to CHF 137.2 million, with double-digit growth in the most important Asian markets of China and India. Thailand, Taiwan, and Australia also achieved double-digit growth rates.
CEO David Dean commented: "Year after year, we make investments to ensure constant and profitable growth for the long term. With that in mind, 2018 was further confirmation of our investment-driven commitment in various countries and markets that promise above-average profitability. It is not without reason that our EBIT margin is well above the industry average.”
After 15 years as CEO, David Dean steps down at the Group AGM in April, to be succeeded by Dr Daniel Bossard. Dean has been nominated for election to the Bossard Board at the AGM.
Bossard’s annual report is available at here.
Having held senior management roles in leading automotive and fastener businesses, Phil joined Fastener + Fixing Magazine as editor in 2002. Convinced there is no substitute for ‘being there’, over 15 years of visits and interviews around the world means he has accumulated an extraordinary knowledge and perspective of the global fastener industry, reflected in his incisive and thought provoking reporting.