Robust performance driven by aftermarket, significant savings on track
Midyear 2020 HIGHLIGHTS
- Orders +1.7% including acquisitions (-0.6% organic)
- Orders in Rotating Equipment Services up 10.2% (6.3% organic)
- Sales -3.9% including acquisitions (-5.5% organic) on lockdowns and supply chain
- Record order backlog of almost CHF 2 billion
- 7.5% operational profitability (opROSA), down 160 bps YoY of which 80% due to Q2 end-market pause in Applicator Systems
- OPEX squeeze progressing with CHF 21m delivered in Q2 2020
- Structural savings of CHF 70m in Energy-related activities initiated, CHF 50m to be delivered in 2021. One-off costs CHF 80m, of which CHF 53m booked in H1
- Rebound under way with operational profitability expected at 8.5-9.0% for financial year 2020, around pre-pandemic levels in 2021
CEO Greg Poux-Guillaume stated: “We have again proven our resilience, which is based on our broad regional presence and a balance between early and late-cyclical business. Our aftermarket activities led the strong momentum in order intake, and our backlog reached new heights amid unprecedented market disruptions caused by the pandemic. We are on track with the implementation of our structural cost-out measures to be well-positioned for the market recovery.”
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