Essilor sales rebound in the first half, targets confirmed

Essilor International on Friday confirmed its 2010 targets in the light of a first half marked by a rebound in sales and a sharp rise in net profit excluding exceptional items.

The world leader in ophthalmic optics said he was always on full year growth of 5 to 7% of its turnover and a stable operating margin over the rate of 18.2% achieved last year, excluding currency effects, acquisitions and strategic change IFRS.

"In the second half of 2010, in a context of renewed activity still fragile, Essilor will pursue the strict implementation of its strategy of growth based on new products, geographical expansion, acquisitions and organic conquer the environment range, "the company said in a statement.

Turnover rose 15.8% to 1,926.8 million euros in the first six months of the year, an increase of 5.9% excluding currency and strategic acquisitions. The Group's contribution margin – operating profit before share-based payments, restructuring costs and impairment of goodwill – came out in turn to 347.5 million (+15.2%), or 18.0% of turnover.

Net income, Group share, declined by 1.3% to its 197.5 million euros, reflecting a provision of 41.5 million euros for the fine imposed by the German Competition (Bundeskartellamt) for cartel formation in optics.Essilor has filed two appeals which are suspensive payment of the fine.

Excluding this provision, the adjusted net profit stood at 238.8 million euros, an increase of 19.3% from one year to another.

Essilor has continued in the first half an acquisition strategy by which it intends to strengthen in particular the emerging markets, with a total of 13 new partnerships. The period was marked in particular by integrating FGXI, the world glasses preassembled "readers" and Signet Armorlite, producer and distributor of glasses of the Kodak brand.

Before the publication of results, the group's activities ended on a note steady at 48.20 euros, giving a market capitalization of about $ 10.3 billion.Since the beginning of the year, the title took 15.5%, after rising nearly 25% throughout 2009.

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