Assa Abloy, the world's leading manufacturer of door opening systems, lost more than 2% on the Stockholm Stock Exchange on Thursday, following the publication of quarterly results marked by an organic decline in activity.
The Swedish group reported this morning that sales were up 9% for the first three months of the year, but this performance was essentially due to the favorable effect of its acquisitions (+11%), which more than offset a 2% organic decline in activity.
The company claims to have suffered from a lower number of working days in March, the most important month of the quarter, due to the Easter vacations, but also to the persistent weakness of the residential construction market.
Sales in Asia-Pacific fell by 3% in organic terms over the quarter, due to difficulties in the Chinese property market.
Its operating profit (Ebit) rose by 5% to SEK 5.4 billion, but its operating margin nonetheless fell to 15.4%, compared with 16% a year earlier.
Following this publication, Assa Abloy shares lost 2% on Wednesday morning, among the worst performers on the OMXS30 index, which shed 0.4% at the same time.
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Assa Abloy AB is the world's leading manufacturer of locking systems. Net sales break down by family of products as follows:
- security doors and systems (47.1%): shielded and automatic doors, magnetic card locking systems (for use by hotels) and security systems for parking meters, slot machines), etc.;
- electronic and electromechanical locking systems (30%): access codes, electronic locks, etc.;
- mechanical locking systems (22.9%): locks, padlocks, bolts, etc.
Net sales are distributed geographically as follows: Europe (32.4%), North America (51.7%), Asia (7.4%), Oceania (4%), Americas (3.3%) and Africa (1.2%).
ASSA ABLOY AB 
