Legrand (Paris: LR) is shaking off any effects from global inflation to post a sustained sales increase of 19.1% through the first nine months of 2022 to €6.15 billion Euro, or $6.16 billion US dollars. The company, which owns well-known industry brands Vantage, Middle Atlantic, On-Q, Luxul, Legrand Shading Systems, and others, reported organic growth of 10.1%. Net profit rose 16.1% also.
As such, Legrand confirmed all its sales and profit targets for the full year, which will be revealed in early February 2023.
According to Benoît Coquart, Legrand’s Chief Executive Officer, “Sales at the end of September came to more than €6 billion, up +19.1% from the same period of 2021, and were driven by organic growth of +10.1%. Despite many adverse external factors, linked in particular to high across-the-board inflation, Group profitability held up particularly well, with an adjusted operating margin at 20.2% of sales.
“Legrand confirms once again the benefits of its model for robust value creation, with net profit up +16.1% in the first nine months of 2022.
“On the back of an uncertain economic outlook, we are deploying initiatives to both seize all growth opportunities, particularly in datacenters and energy efficiency solutions, and to optimize our cost structures.”
He added that the company is aiming to cut its energy consumption by 15% between 2021 and the end of 2023.
Legrand confirmed its targets moving forward, including sales growth between 9% and 12%, and an adjusted operating margin between 19.9% and 20.7%.