Second-quarter & half-year 2011 results
Solid performance in Q2: continued growth in sales, margins and profits. Full-year targets confirmed
Continued sales and profit growth in Q2
Sales up 5.1% on a constant and same-day basis
Gross margin improved by 10bps to 24.6%
EBITA margin up 80bps to 5.7%
Strong performance in H1
Sales up 6.1% on a constant and same-day basis and up 7.3% on a reported basis
EBITA margin up 90bps to 5.3%
Net income up 88% at €174m
Strengthened financial structure
Free cash flow before interest and tax of €123m in Q2
Indebtedness ratio at 3.0x EBITDA at June 30, 2011
Full-year targets confirmed
Improvement of EBITA margin by at least 50bps
Free cash flow before interest and tax above €500m
Jean-Charles Pauze, Chairman of the Management Board and CEO, said:
“Rexel’s performance since the beginning of the year enhances our confidence that we will achieve our full-year objectives.
In the second quarter, Rexel continued to deliver a solid performance, driven by further growth in sales and volumes while maintaining a strong focus on cost control.
We will continue, in the second half, to accelerate our strategy combining organic growth, through an expanded offer of value-added services and energy-efficient solutions, and selective acquisitions.”