French appliance and kitchenware producer Groupe SEB reported first-half 2011 revenue of EUR 1,719 million, up 10.6% from EUR 1,555 million in the first half of 2010. The company reported an operating margin of EUR 155 million, down 7.6% from EUR 168 million in the first half of 2010. Operating profit in the first half of 2011 was EUR 152 million, up 7.2% from EUR 141 million in the first half of 2010.
"Our first-half results attest to our sustained growth dynamic and the quality of our strategy, which consists of maintaining a balanced presence between mature markets and emerging economies," said Thierry de La Tour d’Artaise, chairman and CEO.
He said the company's financial position gives it the ability to take advantage of opportunities when they arise – notably in 2011 with the acquisitions of kitchenware maker Imusa in Colombia and Asia Fan in Vietnam. "Despite present market uncertainties, we are confident in the outlook for the second half of the year and reaffirm our objective of achieving again solid revenue growth and improved operating margin, in value terms, in 2011," he said.
So far demand for its kitchenware and small appliances has been good overall in 2011, with some markets in share contrast to this general trend. Groupe SEB saw sustained demand in Western Europe except for specific countries such as such as Greece, Spain and Portugal. Markets remain "vibrant" in the emerging economies.
Fierce competition in most markets led to high levels of promotional activity.
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