Bossard Group said it has recorded its best ever start to a year in the company's history. The industrial fastening and assembly technology provider hailed the return of growth and signalled cautious optimism for the remainder of the financial year.
Sales in Q1 of FY2021 grew 11.8% to CHF 244.8 million (2020: CHF 218.9). In local currency, sales increased 12.9%.
Asia saw the most dramatic upturn, up 34.5% in local currency, compared with a tough Q1 2020 at the height of the pandemic in the region.
Q1 growth followed a recovery of business seen in the prior Q4, while the broad based upturn across all regions and growth rates were strengthened against comparatively low baselines in 2020.
“Customers appreciate our consistent ability to deliver, allowing us to benefit even more than expected from the economy’s momentum. The focus on industries of the future such as automation, electromobility, medical technology and railway bore additional fruit,” stated Bossard Group CEO Daniel Bossard.
Bossard geographical gains
Bossard posted 11% growth in Europe to CHF 147.7 million (+9.5% in local currency). The positive economic environment stabilised further in Q4 and Bossard leaned on opportunities noted in 2020, including its digital competence in logistics and engineering services for customer projects.
Sales in America rose 1.9% to CHF 55 million (+8.7% in local currency), with the weak US dollar hitting "the pleasing business development". Diverification of the customer base also boosted growth.
As noted above, Asia's 32.4% growth to CHF 42.1 million (34.5% in local currency) was boosted compared with a low 2020 Q1 baseline.
Bossard added: "The third wave of COVID-19 has thus far hit industry less hard than the first and second waves, allowing most Bossard locations to resume normal operations. The market data – in particular, the purchasing manager indices in Bossard’s most important markets – further signal a broad-based recovery. However, the impact of further pandemic-related restrictions is still difficult to predict and obscures the outlook. Nevertheless, Bossard remains cautiously optimistic regarding the further development of the financial year."
Bossard was founded in Zug in 1831. The Group has 2,500 employees at 83 locations in 31 countries.