In a building market in retreat, Legrand reports lower sales and good margin resilience in Q1
Sales: -5.6%, i.e. -3.7% excluding exchange rates and Russia
Adjusted operating margin: 20.5% of sales
Net profit attributable to the Group: 13.6% of sales
3 acquisitions announced since the beginning of the year
2024 full-year targets unchanged
Benoît Coquart, Legrand’s Chief Executive Officer, commented:
“Our first quarter results for 2024 are in line with our expectations in terms of both revenue and margins, as well as free cash flow. In Q1, the building market that represents approximately 80% of Legrand's revenue experienced a marked slowdown across most geographies, as expected. Against this backdrop, our limited decline in revenue and the resilience of our margins and free cash flow highlight the strength of our business model, the solidity of our market positions, and the execution capabilities of our teams.
In this context, we are continuing with our strategic investments ...”