Finance |05.06.2021 07:30
2021 first-quarter results
Strong growth in sales and financial results
Organic rise in sales: +13.1%
Adjusted operating margin before acquisitions1:21.9% of sales
Net profit attributable to the Group: +36.4%
Full-year 2021 targets raised
Benoît Coquart, Legrand’s Chief Executive Officer, commented:
“In the first quarter of 2021, our revenues showed a steep rise in all regions. At constant scope of consolidation and exchange rates, sales were up +13.1% from the first quarter of 2020, which represents a +4.9% increase over two years2 and reflects Legrand’s stronger positions in our markets.
This growth momentum was driven by buoyant demand in residential and datacenter markets, as well as by the moves made in 2020. These included in particular the decision to maintain services to our customers throughout the year’s lockdowns; sales and marketing initiatives; our vigorous and ongoing program of new-product development and launches; and stepped-up investment in digital technologies.
Our first-quarter results reflect a good start to the current year, with adjusted operating margin (before acquisitions1) equal to 21.9% of sales, net profit attributable to the Group up +36.4%, and normalized free cash flow at 16.5% of sales.
Drawing on fundamentals that were strengthened during the crisis (leadership positions, excellent customer relations, innovation, financial and ESG performance), Legrand is well positioned to take full advantage of the next economic cycle, particularly in the growing segments of the buildings of tomorrow.”
1 At 2020 scope of consolidation.
2 Two-year compounded result of published organic changes in the first quarter of 2020 and the first quarter of 2021.