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First quarter 2010 results

Financial statements at March 31, 2010 were reviewed by the Supervisory Board held on May 11, 2010.

Limited sales decline of 5.7% on a constant and same-day basis, after 4 quarters of double-digit decrease:
•  Improving sales trends month-on-month throughout the quarter despite persistently low volumes
•  Return to growth in some countries

Profitability up significantly: reported EBITA up 32.9%
•  Gross margin improvement
•  Continued cost control

Objectives for the full-year confirmed:
•  Low single-digit drop in sales on a constant and same-day basis
•  Improvement in EBITA margin
•  Free cash flow before interest & tax around €400m

Jean-Charles Pauze, Chairman of the Management Board and CEO, said:
“Although the market remains challenging, Rexel is starting to see encouraging signs in its business. Sales decline in the first quarter was limited to 5.7% after four consecutive quarters of double-digit decrease and Rexel saw a return to growth in some key markets. Profitability improved significantly year-on-year, benefiting from both increased gross margin and a leaner cost structure. With focused and motivated teams, we continue to seize opportunities as markets rebound, building on our strong positions in key growth segments such as lighting retrofit, renewable energies and major projects. Our performance in Q1 bolsters our confidence that we will achieve our targets for the full-year.”

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