NORMA Group's half year financials revealed growth, with sales up 1.9% to €462.8 million in H1 2016 compared with H1 2015 (€454.3m).
Organic growth hit 2.8% and adjusted EBITA was up 3.1% to €83.9m (earnings before interest, taxes and amortization of intangible assets).
Sales in Europe, Middle East and Africa (EMEA) were up 7.1% in H1 2016 to €212.3 million, due in part to the strength of West Europe's automotive business and 'continued recovery of the overall economic situation'. Sales in the Americas declines 3.1% while Asia-Pacific saw a slight 0.4% decline.
Earlier this summer NORMA signed an agreement to acquire Autoline from Parker's Fluid System Connectors Division.
“We look back on a good first half of 2016,” said Werner Deggim, CEO of NORMA Group. “Earnings and the Group's organic growth were in line with our expectations. Despite the sluggish macroeconomic environment and negative currency effects, we are satisfied with how the business developed in the first six months of the year. The US market for commercial vehicles is still weak and the business in China has developed slightly weaker than expected. We are sticking to our forecast for the Group for financial year 2016.”
