Assa Abloy new CEO reports on first quarter performance

Stockholm, Sweden

Newly appointed CEO and President of Assa Abloy, Nico Delvaux

The new CEO and President of Assa Abloy, Nico Delvaux, spent his first months at the company on the move, visiting the different group locations to meet people, partners and customers as well as to get acquainted with the sites, the corporate culture and the business.

So far, he has visited 18 of the company's main locations and has been impressed by the competence, the innovation capacity and the technology driven culture. There have been several changes in Assa Abloy's executive team over the last 12 months, and Delvaux is convinced that they have a strong team in place, equipped with energy and ambition to continue the Group’s successful journey.

In terms of performance, the year took off with good organic growth of 4% for Assa Abloy in the first quarter, despite the negative calendar effect of two trading days less due to an early Easter. The company achieved a strong or good growth in all divisions. Global Technologies and Entrance Systems reported strong organic growth of 6% and 5% respectively. EMEA and Americas reported 3% organic growth and Asia Pacific reported 4%. New products contributed strongly, with high demand for electromechanical locks and for access control solutions. The first quarter’s operating income increased by 2% year-on-year and amounted to SEK 2,829 M, corresponding to an operating margin of 15.3%. The Group’s underlying margin improved but was diluted by the acquisitions.

"As the new CEO, it is very encouraging to see our strong market position. Product and innovation leadership, backed by the largest installed base of door opening solutions in the world, gives us a very strong platform to grow from. I am confident that we will create new business opportunities through our new products and solutions, and that we have seen only the initial phase of the market transition and technology shift from mechanical solutions to digital, connected products and services." says Delvaux.

Assa Abloy’s strategy, with focus on market presence, product leadership and cost efficiency, has been very successful for many years. In combination with a strong acquisition agenda, this strategy has generated significant long-term value. "I look forward to further developing this successful strategy together with my colleagues." concluded Delvaux.


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