Rexel maintains FY EBITA target as Q3 net profit growth slows to 16.4 pct |
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Published
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Tue, 13 Nov 2007 07:47
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PARIS (Thomson Financial) - Electrical supplies distributor Rexel said growth in net profit before IPO costs slowed to 16.4 pct in the third quarter, taking profit to 86.8 mln eur from 74.6 mln a year ago.However, it said it is have ry confident' of achieving its full year target of an adjusted EBITA margin above 5.8 pct and it is on track to deliver around 3 pct organic sales growth.For the nine months to September, Rexel's net profit before IPO costs jumped 57.2 pct to 237.5 mln eur from 151.1 mln in the year earlier period.Net IPO costs were 151 mln eur in the nine months and 19 mln in the third quarter, the company noted.Third quarter EBITA fell 7.8 pct to 162.5 mln eur from 176.2 mln and the margin shrank to 6.1 pct from 7.0 pct as sales grew 6.9 pct to 2.677 bln eur from 2.504 bln.At constant currencies and copper prices, sales rose 1.4 pct and EBITA improved 6.0 pct, Rexel said.Free cash flow before interest and tax narrowed to 87.0 mln eur in the third quarter from 115.5 mln as year ago.Andrew.Newby@Thomson.coman/ejpCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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