Please find attached a press release concerning the Bekaert first quarter trading update 2014.
Bekaert reports strong volume growth, offset by currency impact
Bekaert reports a strong start to the year with a solid volume increase driven by higher demand in Europe and Asia. The organic sales growth was, however, more than offset in Bekaert's top-line due to the adverse effects of currency movements.
In the first quarter of 2014 Bekaert achieved consolidated sales of € 782 million and combined sales of € 990 million, a decrease of 2.1% and 4.4% respectively, compared with the first quarter of 2013. On a constant currency basis, Bekaert's revenues increased by more than 4%.
Consolidated sales increased 4.2% organically. Exchange rate effects (-5.9%) and the net effect of acquisitions and divestments (-0.4%) cancelled out the growth entirely.
Combined sales increased by 4.9% on an organic basis. A substantially weaker Brazilian real added to the negative currency impact at the combined level (-8.2%), while acquisitions and divestments had little effect (-0.3%).