Aalberts 10m24 trading update
Aalberts just issued a trading update on the first ten months of the year. As usual the update was brief, mainly qualitative and only commenting on segmental organic growth rates. Overall organic growth over 10m24 landed at ‘-2.9%' a slight improvement compared to the ‘-3.9%' reported at 1H24. As last year, the added value margin was labelled ‘good'. In an environment of negative topline growth, company is working hard on its cost base to sustain margins. A disposal occurred in US Piping and restructuring efforts were intensified. Over 1H24 an estimated €10m restructuring costs were taken. Now the update refers to a one-off strategic restructuring cost of €50m taken over 10m24, which should bring annual savings of ca. €25m.Aalberts Industries is a technology company. As of Dec 31 2015, Co. is organized into four businesses: building installations, which produces and sells connection systems and valves to distribute and control water or gas in heating, cooling, drinking water, gas and sprinkler installations in residential, commercial and industrial buildings; climate control, which develops and produces complete hydronic systems-from source to emitter- for heating and cooling systems; industrial controls, which develops and produces regulation and control systems for selected niche markets; and industrial services, which provides a combination of material technology know-how and manufacturing capabilities.
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