ASSA ABLOY Announces Preliminary Result for First Quarter

April 7th, 2020 by Emmariah Holcomb

ASSA ABLOY announced its preliminary result for the first quarter 2020 today.

“Due to the spread of Covid-19 and the unprecedented lock down globally in our core markets, the start of 2020 has been challenging. To address the situation, we have taken a series of measures to preserve the health and safety of our employees, customers and suppliers. These measures range from more stringent health checks and other safety measures in our operations to factory closures and increased number of employees working from home”, says Nico Delvaux, president and CEO.

Its group sales increased in the first quarter by 3%. Organic sales growth was down by 3%. The company’s organic growth declined by 34% in APAC and declined by 4% in EMEA.

During the first quarter, operations and sales in Asia, and in China in particular, were significantly affected, according to the company. Since the Covid-19 outbreak, several cost measures and cash flow initiatives are being taken. Amongst others we implement reduced working hours, temporary and permanent layoffs, travel bans, reduction of consultants as well as delays of projects.

“While times are and remain very challenging, we continue to support our customers with our leading access solutions. The initiated actions keep us agile and enable a swift return to normal operation when demand improves. I’m confident that with our strong team, taking the right measures, we will come out of this very demanding situation as an even stronger company”, said Delvaux.

The full interim report will be released on 29 April 2020.

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