Swiss development chemical substances maker Sika on Friday signaled an enchancment in local-currency gross sales in 2021 and stated insider Thomas Hasler will take over as chief when present boss Paul Schuler exits on Might 1.
Hasler is presently the pinnacle of Sika’s international enterprise and business division, and has been a member of group administration since 2014.
The corporate, whose outcomes spotlight tendencies throughout the broader development and automotive sectors, forecast a 6% to eight% improve in local-currency gross sales development for 2021, as demand rebounds from pandemic lows.
Sika’s outcomes have been additionally bolstered by two acquisitions throughout 2020 in addition to constructing new factories in China and Colombia.
Working revenue for 2020 jumped 7.1% to 1.13 billion Swiss francs ($1.26 billion), beating analysts’ forecast of 1.10 billion francs. Its internet revenue rose 8.8% to 825.1 million francs, with a proposed 2020 dividend of two.50 francs versus 2.30 francs in 2019.
Its local-currency gross sales rose 3.4% throughout 2020, though the rise of the Swiss franc in the course of the 12 months – as buyers purchased safe-haven property in the course of the COVID-19 pandemic – meant reported gross sales fell 2.9%.
After an preliminary downturn in gross sales brought on by coronavirus restrictions halting development initiatives, Sika stated it noticed a rebound in demand within the second half of 2020.
($1 = 0.8965 Swiss francs)