EarningsH1-24 sales figures show a +9% deviation vs consensus (organically +8.9% yoy) while the company's moderate absolute profit figures seem to have been reached the upper end of adjusted market expectations.
Growth OutlookIt is positive to see that management reiterated its annual organic revenue growth expectation of almost 7-20% yoy (CHF250-280m revenues) along with a 47-49% gross margin and 5-10% EBITDA.
Sales PerformanceSales came in higher than expected, driven by the automotive business (+14% yoy, largely supported by new products) as well as industrial activities (+31% yoy, driven by a rather surprising recovery in the air purifiers business and presumably largely finished destockings).