LIMOGES, France — Legrand today published its 2024 2Q and half-year results:
- Good resilience in the first half, including sales growth in the second quarter and very firm margins
H1 sales trends: -2.0%, i.e. -0.7% excluding exchange rates and Russia
Adjusted operating margin: 20.7%
Net profit attributable to the Group:13.7% of sales - 5 acquisitions announced since the beginning of the year, including 3 in datacenters
More than €200 million additional revenue on an annual basis - Strong product innovation momentum
- 2024 full-year targets unchanged
Benoît Coquart, Legrand’s Chief Executive Officer, commented:
Our first-half results for 2024 show a limited retreat in sales and very firm margins and free cash flow.
In the second quarter alone, a moderate rebound in sales (+1.5% organic growth) stemmed notably from datacenter business, while the building market remained depressed. Margins and free cash flow hold steady at very good levels.
This performance highlights once again the relevance of our business model, and we stand by the annual targets announced in early February.
We are continuing to roll out our strategy, as illustrated by the very strong pace of external growth since the beginning of the year, with five acquisitions including three in the datacenter segment. This momentum will continue in the quarters to come. We are innovating relentlessly, with launches of a large number of new products including the new Céliane iconic range of wiring devices in France.
In 2024, the Group is pursuing the profitable and responsible development laid out in its strategic roadmap. Taking into account the world’s current macroeconomic outlook, with confidence in its model for creating integrated value, Legrand has set the following full-year targets for 2024:
- low single-digit sales growth (organic and through acquisitions2 );
- an adjusted operating margin before acquisitions between 20.0% and 20.8%;
- at least 100% CSR achievement rate for the third year of the 2022-2024 roadmap.
The full earnings report can be found here.