March 5 Reuters Swiss security group Dormakaba confirmed its fullyear outlook on Tuesday and reported halfyear net sales that were slightly below expectations, hurt by a negative currency translation effect.

Group net sales amounted to 1.38 billion Swiss francs 1.56 billion for the halfyear ending December, up 3.9 organically but slightly below analysts39; average forecast of 1.41 billion Swiss francs provided by LSEG.

Despite a negative currency translation effect of 95.2 million Swiss francs, Dormakaba, whose products range from entrance systems to safe locks, reported a sales increase driven both by price hikes and higher volumes.

Its adjusted earnings before interest, tax, depreciation and amortisation EBITDA rose 8.7 to 200.7 million Swiss francs. Adjusted EBITDA margin increased to 14.6 from 13.0 a year ago.

The company confirmed its guidance for the financial year 202324, citing a good order pipeline. It expects organic sales growth to reach its midterm target of 35 and profitability to improve from the prior year level.

1 0.8852 Swiss francs

Reporting by Amir Orusov and Anastasiia Kozlova; Editing by Jacqueline Wong and Kim Coghill

Source Reuters