D'Ieteren Reports Third-Quarter Growth of 15.9-Percent for Belron
November 22, 2010
D’Ieteren, parent company of Belron, is reporting growth in the third-quarter for Belron at 15.9-percent. Growth is up by 5.9-percent from last year’s third quarter growth of 10-percent. The third-quarter sales growth consists of a 6-percent organic, 3.3-percent from acquisitions and 6.6-percent from currency translation impact.
In addition, unusual costs are expected to be around $8 million Euros which is also a higher number than last years estimated unusual costs of $4 million Euros.
Within Europe, sales growth was around 10-percent, with 6-percent organic growth, 3-percent acquired growth and a 1-percent favourable translation impact. Outside Europe the market experienced a 25-percent growth in sales, which included 7-percent organic growth, 4-percent acquired growth and a 14-percent favourable translation impact.
“The organic growth reflects a continued investment in marketing activities and key account relationships which have enabled the business to grow despite challenging market conditions. The acquired growth is primarily due to the acquisition of the US Vehicle Glass Repair and Replacement business of IGD Industries which was effective from the beginning of October 2009. The translation impact is due primarily to the stronger US dollar,” reads the company's statement.
The report also mentions that Belron acquired seventeen vehicle glass repair and replacement branches in Russia in early November which brings Belron’s count for countries it operates in to 34.
“The outlook for the remainder of the year is for continued organic sales growth. Belron is, however, entering a period of tough year-on-year comparatives,” concludes the company statement.
CLICK HERE for full text of statement from D'Ieteren.
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