SGS grows in the third quarter
Published: Friday, Oct 25th 2024, 06:40
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SGS achieved organic growth in the third quarter. However, exchange rate effects continued to depress results. The product testing group confirms its annual targets.
Organic sales rose by 7.3 percent to 1.7 billion Swiss francs in the third quarter, as the Geneva-based company announced on Friday. Adjusted for currency effects and acquisitions, the increase amounted to 3.8 percent.
For the first time, SGS has provided information on its business performance in the third quarter, but has not published any profit figures. The Group thus met analysts' expectations in terms of organic growth and slightly exceeded them in terms of turnover.
Overall, income climbed by 2.3% to CHF 5.0 billion in the first nine months.
Outlook confirmed
According to the press release, all divisions contributed to this growth, driven by the trends of sustainability, digital trust, supply chain services and increased regulation.
The company confirms its forecast for the year in the current environment. Accordingly, SGS expects mid to high single-digit organic growth and increasing profitability.
SGS is also aiming for annual organic growth of between 5% and 7% with significantly higher margins by 2027. The adjusted operating profit margin is to be improved by at least 1.5 percentage points by then.
New personnel manager found
Finally, the company was able to announce a new Chief Human Resources Officer: James Roberts will take over the position currently held by the Group CEO on an interim basis as of November 1. Roberts comes from Holcim UK.
The company also announced four new acquisitions in Europe and North America. In addition, "Impact Now" is a new offering for sustainability services and a new PFAS campaign.
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