Slow Europe holds back Hilti results

Double digit growth in emerging markets helped Hilti Group increase its annual sales in 2013 by 3.2%, although sales in Europe were down slightly.

Total sales for Europe in local currencies were down 1.1%, with growth in central and Northern Europe offset by continuing difficult conditions in Southern Europe. In local currencies, sales in North America rose by 2.8% and by 14.3% in Eastern Europe, the Middle East and Africa. Asia saw 14.3% growth while Latin America sales were up 17.9%.

The company did not provide any profit information in its results announcement and said detailed annual accounts would be published on 14 March.

Overall, revenues in Swiss Francs were up 3.2% to CHF 4.3 billion (€3.48 billion), with sales growth in emerging regions “severely impacted” by exchange rate changes during the year.

“Considering that the situation in Europe continues to be difficult, we are quite satisfied with our moderate growth performance,” said Christoph Loos, Hilti’s new CEO.

“We are well on track with our initiatives and we have used the past year to again significantly improve the company’s profitability.“

Europe remains Hilti’s most important market, representing half of all revenues, followed by North America, which has a 20% share. Emerging markets represent 30%, led by Asia and eastern Europe/Middle East/Africa.