Bossard Group reported today that it has remained on its steady growth track during the third quarter of 2018.
The group generated sales of CHF 212.7 million in Q3 2018, a 9.3% jump over the same quarter in 2017. Following the report, Bossard has boosted sales by 11.8% to CHF 659 million in the first three quarters of this fiscal year.
While growth in Europe has slowed somewhat in Q3 of 2018 – a more modest 5.7% increase to CHF 117.6 million compared to 16.7% growth in the same quarter last year – sales in America have increased significantly throughout the third quarter.
Across the pond, sales between July and September grew by 16.2% to CHF 60.4 million, culminating in an increase of 8.2% to CHF 179.9 million in the first nine months of this year. According to Bossard, this accelerated growth is driven by business with the largest US electric vehicle manufacturer, whose third model series resulted in a considerable boost in production.
In Asia, third quarter sales rose to CHF 34.7 million, a 10.9% increase on Q3 sales in 2017. Although, Bossard reported that demand in the Asian markets appeared to be normalising somewhat after the high growth rates witnessed in previous quarters.
The fastening technology specialist forecasts fourth quarter sales to be high but at lower growth rates than the corresponding quarter in 2017. According to the Group, many of its customers, particularly in Europe, are operating at full capacity hence the normalisation in sales growth. The appreciation of the Swiss franc in recent weeks may also hamper growth in the reporting currency through to the end of the year.
In line with its continued growth track, Bossard announced it is targeting total sales of CHF 865 million for 2018.
The group generated sales of CHF 786.2 million in 2017.