Sales grow for Groupe SEB but UK performance disappoints

Groupe SEB grew revenue 9.8% in the first half of 2007 – but the UK and US markets both turned in weak performances.

Sales grow for Groupe SEB but UK performance disappoints

The group, whose brands include Tefal, Krups, Moulinex and Rowenta, saw sales rise to 1,232m Euros against 1,122m Euros in the first six months of 2006, chiefly thanks to the continued expansion of the small appliance market.

Operating margin was up 32% to 78m Euros, fuelled by increased sales volumes, an improved product mix and higher average sales prices. Operating profit amounted to 52m Euros, with net profit of 28m Euros. In the same period last year the group incurred a net loss owing to major restructuring costs.

The group says that the difficult UK and US markets were the only exceptions to good organic growth in Europe, South America, the Middle East and Asia, and it expects to achieve strong full-year growth. It says that outside the UK and US the business environment remains favourable.

Groupe SEB is in the process of taking over Chinese manufacturer Zhejiang Supor Cookware Co (see separate story).

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