Bossard has seen its highest growth in America in Q1 2017, with sales up 29.9% to CHF 56.9m (+28.4% in local currency).
Although buoyed by the Arnold Industries acquisition at the tail end of last year, Bossard said growth was strong in the US market even without the acquisition. Working with “the largest US electric vehicle manufacturer” – which is seeing increased production volumes – has helped the group grow sales there. Excluding the acquisition, growth in America was 15.5%. Bossard’s second major US customer in the agricultural tech sector has also been key to the growth.
Overall performance
Overall, Q1 2017 saw sales rise 16.1% to CHF 197.9million (+16.8% in local currency). Organic growth, excluding acquisitions, hit 10.3% with all regions contributing. Growth momentum in Europe – where the group generates around 58% of its total revenue – continued with sales rising 10.2% to CHF 114.2million.
Asia
Bossard’s Asia business rose too, up 16.5% to CHF 26.8million in Q1 2017. There was sales growth across all sales regions in Asia – including China – which Bossard attributed in part to investment in modern capabilities made in various countries in recent years.
Outlook
CEO David Dean is unsurprisingly encouraged by the results. “The high growth rates in all market regions confirm our investment and acquisition decisions of recent years. Year after year, we have proven that we are able not only to grow, but to grow profitably. We will continue to be guided by this principle also in the future.”
Bossard said it believed the outlook for the rest of 2017 to be positive – the group is now targeting sales from CHF 750 to 760 million, compared to CHF 695 million in the previous year.