Bossard Sales for 2008
Bossard Sales for 2008
Jason Sandefur
The Bossard Group reported sales during 2008 dropped 1% to CHF 566 (US$489.8 million), but EBIT rose 9.5% to CHF 45.1 million and net profit gained 6.3% to CHF 32.1 million.
“Despite the extremely adverse market conditions in America we increased sales in local currency by 2.9 %,” the Swiss company stated. “This was mainly because of demand from a number of major customers who were not yet strongly affected by the recession. There was, however, a clear decline in demand from most of our customers.”
After years of growth in Asia, sales fell for the first time in 2008. Year-on-year sales volume decreased 11.6 % to CHF 75.7 million.
Bossard has moved to cut costs by reducing hours among its staff and cutting management salaries. In the U.S. the company has “downsized by a further 8%.
At the beginning of 2008 Bossard had predicted sales and profit growth of 5%. Web: bossard.com �2009 FastenerNews.com
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