Dormakaba sees annual organic growth above mid-term target of 3% to 5% (updated)

Dormakaba Holding AG

07/03/2023 06:21

(Adds additional details, CEO quote)
       March 7 (Reuters) - Dormakaba Holding  DOKA.S  said on
Tuesday it expected organic growth above its mid-term target
range of 3%-5% for 2022/23, as profitability measures and higher
pricing aid the security group mitigate the impacts from
supply-chain snags and high inflation.
    The Swiss company said it saw an improvement to a slightly
higher full-year adjusted earnings before interest, tax,
depreciation and amortisation (EBITDA) margin.
    "We are strongly committed to improving our margins and will
focus on measures in the second half of the financial year
2022/23 to reduce the cost base across the organisation, drive
efficiency and improve our operational performance," Chief
Executive Jim-Heng Lee said.
    Global supply-chain disruptions eased over the course of
2022, helped by the end of aggressive lockdown strategies in
China, which allowed locking device manufacturers to get raw
materials and key electronic components such as chips on time.
    For the first half ended Dec. 30, Dormakaba's EBITDA margin
came in at 13%, compared with a margin of 14.5% a year earlier
and the 13.2% expected in a company-provided consensus.
    Net profit came in at 84.9 million Swiss francs ($91.3
million), below last year's 100.6 million francs and the 94
million francs expected in the analyst consensus.
    
($1 = 0.9298 Swiss francs)

 (Reporting by Bartosz Dabrowski and Anastasiia Kozlova in
Gdansk; Editing by Christopher Cushing and Subhranshu Sahu)
 ((bartosz.dabrowski@thomsonreuters.com; +48 58 7696560;))