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Leoni steps on the gas
Despite ongoing difficulties such as delivery bottlenecks in the automotive industry, business in the supplier industry is going well. After some companies such as Schaeffler recently raised their annual forecasts, Leoni has now done the same.
Leoni steps on the gas
“After the satisfactory start to the year, our strong second quarter confirms that Leoni is on the right track to getting back on the road to success,” says Aldo Kamper, the automotive supplier’s CEO. The companies benefit from two things: Firstly, the market is recovering, which is reflected in increasing sales. On the other hand, the restructuring measures introduced during the crisis have a positive impact on profits.
Sales at Leoni have also recently recovered strongly and the implementation of necessary measures to increase performance and efficiency are also having an effect. "This allows us to look forward to the second half of the year with confidence. At the same time, it is important to continue to act cautiously in view of the ongoing uncertainties in the market. The ongoing bottlenecks in the global supply chains, which already put a strain on our business in the first half of the year, will continue to pose a major challenge in the further course of the year," continues Kamper.
Significant growth
Group sales increased by 47 percent in the first half of the year, with an increase of 92 percent in the second quarter. Of course, the bar is low - in the form of weak previous year's values due to Covid-19. In terms of earnings, the company was even in the red last year. EBIT adjusted for special effects and restructuring costs was turned from minus 112 million euros to plus 87 million in the first half of the year. Supply bottlenecks in raw materials purchased and production interruptions at automobile manufacturers due to the semiconductor shortage still impacted the first half of the year.
After this positive development in the first half of the year, the sales and earnings forecast for 2021 was raised: The Management Board now expects a significant increase in sales compared to the previous year to at least €5 billion and a significant improvement in EBIT before special items to at least €100 million. This is despite further bottlenecks in global supply chains being expected in the second half of the year.