Stationery and lighter maker BIC sees annual organic sales growth of 3% by 2030 (updated)
UPDATE 1-Stationery and lighter maker BIC sees annual organic sales growth of 3% by 2030 Updates with guidance details, adds CFO and CEO quotes in paragraphs 3, 7-8
Sept 7 (Reuters) - French stationery and lighter maker BIC BICP.PA said on Monday it sees compound annual organic sales growth of 3% by 2030 under a new strategic plan, citing expansion in Africa and Asia as drivers of emerging market gains.
The plan refocuses the French consumer goods company on four product categories — stationery, lighters, shavers and brushes — after it divested non-core assets in the fourth quarter of last year.
The company's main key performance indicator going forward is organic growth, finance chief Gregory Lambertie said in an agency call.
It is targeting a margin on adjusted earnings before interest and taxes above 15.5% by 2030.
BIC now has a free cash flow target of more than €250 million ($290.7 million) in 2030, with cumulative free cash flow of €900 million to €950 million over 2027 to 2030.
The company plans to invest €100 million over four years to unlock €80 million in annualized recurring savings.
"The vast majority of the cost savings are still coming from procurement savings and optimization," Lambertie said.
BIC plans to hire several hundred additional salespeople in Africa to deepen physical distribution on the continent, CEO Rob Versloot said.
($1 = 0.8600 euros)
(Reporting by Aleksandra Kret and Dimitri Rhodes in Gdansk; Editing by Jan Harvey)
((Aleksandra.Kret@thomsonreuters.com))
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