Stowmarket: Bosch reports strong start to 2014
Power tools and household appliances group Bosch has reported strong sales for the first quarter of 2014, with growth achieved across all business sectors.
The company, which includes the Bosch Lawn and Garden business based at Stowmarket, a member of the EADT/EDP Top100 listing of the 100 largest companies in Suffolk and Norfolk, said overall sales were around 7% higher in the three months to the end of March, although it cautioned that the comparison with 2013 is only approximate due to accounting changes.
After adjusting for adverse exchange rate effects, the increase was roughly 10% and the group, a global provider of technology and services, now expects sales for its current financial year to show growth of 3% to 5% overall.
“We continue to move forward with our traditional business and are opening up new fields of business,” group chairman Volkmar Denner said. “In the connected world, we are benefiting from our broad technological and industrial expertise
“The Bosch automotive technology business sector continued its strong business performance of the previous year, growing impressively in the first quarter of 2014. Bosch also aims to further improve result in 2014.”
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Dr Denner, whose responsibilities on the Bosch board of management also include research and development, called for greater political commitment to promoting innovation, adding: “In research and development, Germany and other European countries have to measure up to the world’s leading countries.”
During 2013, Bosch increased its sales by 3.1% to 46.1billion euros.
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The reported sales figure takes the group’s exit from crystalline photovoltaics into consideration as well as consolidation effects resulting from changed accounting policies and acquisitions in the previous year. After adjusting for exchange rate effects, sales grew 6.3%.
Excluding the impact from photovoltaics, Bosch reported an earnings margin of 6%, translating into earnings of 2.8bn euros.