In a contracting building market, Legrand turned in a solid first half and revised its full-year targets upward
Very resilient first half
Sales: +4.9%, i.e. +6,0% excluding exchange rates
Adjusted operating margin: 22.2% of sales
Rise in net earnings per share: +19.0%
Free cash flow: €813.8 million, 18.9% of sales
2023 full-year targets revised
Sales growth (excluding exchange rates and Russia): +5% to +8%
Adjusted operating margin (before acquisitions and Russia): ~20.5% of sales
Benoît Coquart, Legrand’s Chief Executive Officer, commented:
“In a generally contracting building market, Legrand reported very solid results in the first six months of the year. Sales rose +4.9% with organic growth a resilient +4.6%...”
