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ASSA ABLOY: Quarterly Report Q4 2024

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STOCKHOLM, Feb. 5, 2025 /PRNewswire/ —

Margin target reached for year 2024

Fourth quarter

Net sales increased by 7% to SEK 39,575 M (36,970), with organic growth of 0% (0) and acquired net growth of 6% (11). Exchange rates affected sales by 1% (1).Organic sales growth was strong in Global Technologies, good in Americas, stable in EMEIA, while organic sales declined in Entrance Systems and declined significantly in Asia Pacific.Eight acquisitions with combined annual sales of more than SEK 1 bn were completed in the quarter.Operating income1 (EBITA) increased by 15% to a record SEK 6,898 M (6,008) with an operating margin of 17.4% (16.2).Operating income1 (EBIT) increased by 14% and amounted to a record of SEK 6,529 M (5,722), with an operating margin of 16.5% (15.5).Net income1 amounted to a record SEK 4,214 M (3,969).Earnings per share1 amounted to SEK 3.81 (3.56).Record operating cash flow of SEK 8,010 M (7,315).The Board of Directors proposes a dividend of SEK 5.90 (5.40) per share for 2024, to be distributed in two equal installments.

Sales and income

Fourth quarter

January-December

2023

2024

Δ

2023

2024

Δ

Sales, SEK M

36,970

39,575

7 %

140,716

150,162

7 %

Of which:

Organic growth

133

–112

0 %

3,393

–1,132

–1%

Acquisitions and divestments

3,572

2,215

6 %

10,651

11,326

8 %

Exchange rate effects

349

502

1 %

5,879

–748

0 %

Operating income (EBIT)1, SEK M

5,722

6,529

14 %

22,185

24,296

10 %

Operating margin (EBITA)1, %

16.2 %

17.4 %

16.5 %

17.1 %

Operating margin (EBIT)1, %

15.5 %

16.5 %

15.8 %

16.2 %

Income before tax1, SEK M

4,879

5,684

16 %

19,654

20,914

6 %

Net income1, SEK M

3,969

4,214

6 %

15,049

15,636

4 %

Operating cash flow, SEK M

7,315

8,010

10 %

25,232

23,052

–9%

Earnings per share1, SEK

3.56

3.81

7 %

13.54

14.09

4 %

1 Excluding items affecting comparability. Please see the section “Items affecting comparability” in the report for further details about the financial effects in 2024. For information about items affecting comparability in 2023, please see the Year-end report 2023, available at assaabloy.com.

Comments by the President and CEO

Margin target reached for year 2024

As we close 2024, I am proud to share that ASSA ABLOY showed resilience and agility in a mixed market environment, concluding the year with solid performance. For the full year, sales grew by 7%, reflecting strong contribution from acquisitions of 8%, and a small organic sales decline of 1%. Our operating margin expanded to 16.2%, within the target range of 16-17%.

In the fourth quarter of 2024, organic sales were stable, with net positive contribution from acquisitions of 6% and currency effects of 1%. Global Technologies delivered strong organic growth of 5% with strong performance in most business areas and with Physical Access Control having comparable figures at normalized levels for the full quarter. Americas delivered good organic growth of 2%, with strong growth in the North America Non-Residential segment and in Latin America. Organic sales were stable in EMEIA with commercial segments compensating for continued weak residential demand. Similarly, weak residential markets and weak demand for loading docks resulted in an organic sales decline of 2% in Entrance Systems. Asia Pacific’s organic sales declined significantly by 11%, mainly due to very weak demand in China.

The operating profit for the quarter increased by 14% to a record SEK 6,529 M with a corresponding margin of 16.5% (15.5). The operating leverage was very strong at 120 bps, driven by continued price/cost tailwind and strong operational execution, overcompensating for dilution from acquisitions. The operating cash flow increased by 10% in the quarter to a record SEK 8,010 M with a cash conversion of 141% (150).

Focus on accelerating our sales growth

Accelerating organic growth remains a key priority going forward. An important part of our strategy is upgrading the installed base with innovative digital and electromechanical products and solutions. We invest 4% of annual sales in R&D which allows us to strengthen our offering and drive the transition forward. Electromechanical products and solutions are the most important growth driver in our portfolio, with currency adjusted growth of 8% in 2024 and an annual growth rate of 9% in the last ten years in our regional divisions. Through upgrades we can support customers with enhanced security and convenience, but also grow recurring revenue streams. Recurring revenue continues to be a key driver for growth with subscription-based models, service agreements, and digital solutions like remote monitoring and mobile access. In 2024, sales of our subscription-based solutions grew by 18%. Our decentralized organization and region-specific product development provide further opportunities in the emerging markets, that only represent 13% of our sales. In 2024, our currency adjusted sales in emerging markets excluding China grew by 10%.

A record 26 acquisitions were completed in 2024, adding annualized sales close to SEK 8 bn. In the fourth quarter, we completed eight acquisitions. Acquisitions remain a key driver for growth and the pipeline remains strong.

By leveraging our market-leading products and solutions with our local knowledge and global presence, we are confident in our ability to drive continued value for our customers, employees and shareholders. Finally, I would like to thank my colleagues for their outstanding contributions during the year and all our stakeholders for your trust.

Stockholm, February 5, 2025

Nico Delvaux
President and CEO

Further information can be obtained from:
Nico Delvaux,
President and CEO, tel. no: +46 8 506 485 82

Erik Pieder,
Executive Vice President and CFO, tel.no: +46 8 506 485 72

Björn Tibell,
Head of Investor Relations, tel. no: +46 70 275 67 68
e-mail: bjorn.tibell@assaabloy.com

ASSA ABLOY is holding a telephone and web conference at 09.00 on February 5, 2025 which can be followed online at assaabloy.com/investors.

It is possible to submit questions by telephone on: 08–505 100 31, +44 207 107 0613 or +1 631 570 5613

This information is information that ASSA ABLOY AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CET on February 5, 2025.

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/assa-abloy/r/quarterly-report-q4-2024,c4100644

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EPWK HOLDINGS LTD. Announces Pricing of Initial Public Offering

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XIAMEN, China, Feb. 6, 2025 /PRNewswire/ — EPWK HOLDINGS LTD. (the “Company”) (NasdaqGM: EPWK), a company that connects businesses with great talents through innovative and efficient cloud-sourcing platforms, announced the pricing of its initial public offering (the “Offering”) of 2,750,000 Class A ordinary shares at a public offering price of $4.10 per share. The Class A ordinary shares start trading on Nasdaq Global Market under the ticker symbol “EPWK” on February 6, 2025.

The Company will receive aggregate gross proceeds of $11.275 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters an option, exercisable within 30 days after the closing of the Offering, to purchase up to an additional 412,500 Class A ordinary shares at the public offering price, less underwriting discounts and commissions. The Offering was conducted on a firm commitment basis.

Proceeds from the Offering will be used for business development and marketing, research and development, exploration of new product and service offerings and the creation of an online global design center, and general corporate purposes and working capital.

Cathay Securities, Inc. acted as the representative of the underwriters, with Revere Securities LLC acting as co-underwriter (collectively, the “Underwriters”) for the Offering. VCL Law LLP served as counsel to the Company. Winston & Strawn LLP served as counsel to the Underwriters.

The Offering was conducted pursuant to the Company’s Registration Statement on Form F-1, as amended (File No. 333-269657) (the “Registration Statement”), previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on February 3, 2025. The Offering was made only by means of a prospectus, forming a part of the Registration Statement. A final prospectus relating to the Offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Alternatively, electronic copies of the prospectus relating to the Offering may be obtained from Cathay Securities, Inc. at 40 Wall Street, Suite 3600, New York, NY 10005, or by telephone at +1 (855) 939-3888.

This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About EPWK HOLDINGS LTD.

The Company connects businesses with outstanding talent through an innovative and efficient integrated crowdsourcing platform, providing creative transaction services for small and medium-sized enterprises and suppliers. The Company was founded by Huang Guohua, former chief reporter of Fujian Daily Press Group, and conducts its operations through its subsidiaries and contractual arrangements with the variable interest entity in China. For more information, please visit the Company’s website: www.epwk.com

Forward-Looking Statements

All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

For more information, please contact:

Investor Relations
EPWK HOLDINGS LTD.
Phone: +86 0592-5978725
Email: chenyanjun@epwk.com

View original content:https://www.prnewswire.com/news-releases/epwk-holdings-ltd-announces-pricing-of-initial-public-offering-302370388.html

SOURCE EPWK HOLDINGS LTD.

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SIMONA AMERICA Group Advances Sustainability Commitments with SBTi Validation As Part of SIMONA AG

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Reduction of CO2 emissions by 42% by 2030 (Scope 1 and 2)SIMONA’s contribution to restricting global warming to 1.5 degreesSignificant milestone in the execution of SIMONA’s sustainability strategy

ATLANTA, Feb. 6, 2025 /PRNewswire/ — SIMONA AMERICA Group, a subsidiary of SIMONA AG, is proud to announce that the company’s ambitious greenhouse gas (GHG) reduction targets have been officially validated by the Science Based Targets initiative (SBTi). This milestone underscores SIMONA’s commitment to reducing its environmental footprint and contributing to the global effort to limit temperature rise to 1.5 degrees Celsius.

SIMONA first signed up to the Science Based Target initiative (SBTi) at the beginning of 2024. The rationale behind this move was to ensure an effective reduction in the company’s carbon footprint, while also making a positive contribution to global climate change mitigation. In joining the SBTi, SIMONA has taken responsibility for the environment and set itself long-term goals that are both quantifiable and based on scientific principles.

As part of these science-based targets, SIMONA has pledged to reduce Scope 1 and Scope 2 emissions by 42% in absolute terms by 2030, using 2022 as the baseline year. Additionally, the company has committed to reducing Scope 3 emissions from purchased goods and services by 51.6% per ton of manufactured product within the same timeframe. The SBTi has recognized these targets as ambitious and aligned with the latest climate science and objectives of the Paris Agreement.

“The SBTi’s confirmation of our climate targets is a significant achievement within our sustainability strategy. It illustrates that we are on the right track when it comes to making a genuine contribution to global climate change mitigation. Working closely with our partners and customers, we are doing everything in our power to achieve our goals in a determined and effective manner,” said Johannes Kappler, Head of Sustainability at SIMONA AG.

At SIMONA AMERICA Group, sustainability remains a top priority across all facilities, operations, and product offerings. Through the increased use of renewable energy, process efficiency improvements, and material innovation—including the expansion of the TERREFORM® line for the aerospace industry and the installation of more than 3,300 solar panels at the Archbald, PA facility—SIMONA AMERICA Group is actively contributing to the company’s broader carbon reduction goals.

“SIMONA has started its sustainability journey much like every other company—by gathering a baseline for carbon accounting,” said Autumn Werner, Sustainability Manager for SIMONA AMERICA Group. “However, with SBTi validation, we have also added accountability to ensure that our efforts lead to real emission reductions while supporting the global goal of restricting warming to 1.5 degrees.”

Werner further emphasized the importance of industry-wide collaboration in sustainability: “SIMONA’s work towards becoming sustainable doesn’t just stop at products—it extends to real efforts across all of our facilities to drive meaningful emission reductions. The SBTi validation keeps us on track and aligns us with the many other companies committed to measurable, science-based climate action.”

To achieve these ambitious targets, SIMONA AMERICA Group is implementing specific initiatives, including transitioning to green electricity, optimizing production processes, and increasing the use of sustainable raw materials. Additionally, efforts to integrate post-industrial and customer waste into new products further reinforce the company’s circular economy approach.

The Science Based Targets initiative (SBTi) was established in 2015 as a collaboration between the Carbon Disclosure Project (CDP), the United Nations Global Compact, the World Resources Institute (WRI), and the World Wildlife Fund (WWF). It provides companies with the framework to set rigorous emissions reduction targets in line with the latest climate science.

As SIMONA AMERICA Group continues to advance its sustainability strategy, the company remains committed to meaningful, science-backed actions that drive measurable impact for the environment and the industries it serves.

About SIMONA AMERICA Group

SIMONA AMERICA Group is a diversified manufacturer of high-quality thermoplastic products designed to provide innovative solutions and world-class customer service throughout the United States. As a subsidiary of SIMONA AG, the company is dedicated to sustainability, excellence, and advancing material technologies across multiple industries.

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SOURCE SIMONA AMERICA Group

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Walter P Moore receives ACEC California top award for CAA ICON’s Intuit Dome

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SACRAMENTO, Calif., Feb. 6, 2025 /PRNewswire/ — Last night, the American Council of Engineering Companies of California (ACEC California) announced that Walter P Moore has won the prestigious Golden State Award for their work on the Intuit Dome located in Inglewood, California.

Intuit Dome realized owner Steve Ballmer’s vision for the NBA Los Angeles Clippers to play in an iconic venue within a complex that houses all team functions under a single roof. The 18,000-seat arena is the NBA’s most environmentally friendly arena and benefits the Inglewood community year-round. The venue anchors a 1.14 million-square-foot facility including state-of-the-art practice and training facilities, team offices, fan gathering spaces, and indoor and outdoor basketball courts open to the public. The distinctive diagrid shell roof, covered in diamond-shaped ETFE and PTFE fabric panels, is designed to resemble a basketball net, making Intuit Dome stand out from other NBA arenas.

Walter P Moore’s team of structural, enclosure, seismic, and construction engineering specialists blended their expertise to optimize the roof geometry, connections, and panel layouts to achieve the goals of strength, beauty, and practicality. Seismic safety was a concern because the site is 1.25 miles from the Newport-Inglewood Fault.

The team created an elegant and ingenious solution that allows the light diagrid shell to behave independently from the much stiffer main arena structure that supports it during a seismic event. They connected the diagrid shell to the arena roof at its top and then laterally supported it at node points down its height with innovative toggle-brace connections. The toggle-braces provide lateral and gravity support while allowing the shell to “swish like a hula skirt” around the more rigid brace frame structure. Intuit Dome also features an enormous one-of-a-kind “Halo” board, a one-million pound, 360-degree, double-sided video board with retractable end pieces that are suspended from the roof, along with state-of-the-art rigging and catwalk systems that enhance the venue’s capabilities.

Intuit Dome is a fully electric facility with sufficient solar panels and batteries to power the arena for an entire concert or basketball game. It is the first NBA arena to achieve LEED Platinum certification under LEED v4. Walter P Moore reduced embodied carbon in the concrete by over 20 percent by collaborating with the concrete supplier to obtain supply-chain-specific Environmental Produce Declarations for all concrete mixes; as a result, the concrete is 50 percent more energy efficient than required by the California Green Building Code.

The complex opened on budget and three months ahead of schedule in July 2024.

Congratulations, Walter P Moore, for capturing ACEC California’s 2025 Golden State Award!

Photographs of all Engineering Excellence Award-winning projects can be found at: 2025 Engineering Excellence Award Winners – American Council of Engineering Companies of California

About Walter P Moore
Walter P Moore is an international company of engineers, innovators, and creative people who solve some of the world’s most complex structural and infrastructure challenges. Providing structural, diagnostics, civil, traffic, parking, transportation, enclosure, technology consulting, and construction engineering services, they design solutions that are cost- and resource-efficient, forward-thinking, and help support and shape communities worldwide. Founded in 1931 and headquartered in Houston, Texas, Walter P Moore’s 900+ professionals work across 24 U.S. offices and seven international locations. For more information, visit www.walterpmoore.com, or follow Walter P Moore on LinkedIn, X (Formerly Twitter), Facebook or Instagram.

About ACEC California
ACEC California is a 70+ year-old, nonprofit association of private consulting engineering and land surveying firms. As a statewide organization, we are dedicated to enhancing the consulting engineering and land surveying professions, protecting the general public, and promoting use of the private sector professionals in the growth and development of our state. Follow us on Social Media: Instagram | Facebook | X (Formerly Twitter) | LinkedIn 

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SOURCE American Council of Engineering Companies, California

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