ZURICH, Jan 26 Reuters Testing and inspection group SGS said it was aiming for organic growth in the midsingle digit percentage range this year after on Thursday reporting a 4.1 drop in shareholders net profit for 2022.

The Swiss company said shareholders net profit fell to 588 million Swiss francs 640.94 million, down from 613 million francs a year earlier.

SGS, which made nine acquisitions during 2022, said its revenue increased by 3.7 to 6.6 billion francs from 6.4 billion francs, missing forecasts for 6.72 billion francs in a company gathered consensus of analyst forecasts.

Organic growth, which cuts out the impact of acquisitions and currency moves, came in at 5.8, missing the company39;s guidance for an increase towards the upper end of the midsingle digit percentage range.

Adjusted operating income was flat at 1.02 billion francs, in line with the company39;s updated outlook from November when it said it expected a similar level to 2021. Analysts had forecast a figure of 1.03 billion francs.

Chief Executive Frankie Ng said the results showed the company, whose activities include environmental testing and public health, had navigated a challenging environment.

For 2023, the company said it was aiming to improve its ajusted operating income and profit margin.

SGS proposed unchanged dividend of 80 francs, the same as a year earlier.

1 0.9174 Swiss francs

Reporting by John Revill, editing by Noele Illien

Source Reuters