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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  SGS    SGSN   CH0002497458

SGS

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Inspections group SGS to slim workforce by 2,000 through natural attrition

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07/18/2019 | 11:51am EDT

GENEVA (Reuters) - Swiss inspections group SGS plans to trim its workforce by 2,000 across about 120 countries in a process of natural attrition rather than sudden cuts or corporate restructuring, company spokesman Daniel Rufenacht said on Thursday.

Chief Executive Frankie Ng was earlier quoted by Swiss newspapers Handelszeitung and Tribune de Geneve as saying an analyst report that the company could shed 2,000-3,000 of its 97,000 jobs seemed quite realistic, adding that the actual figure would probably be towards the lower end of that range.

The impact on SGS's Geneva base would be minimal, he was quoted as saying.

"It's not a restructuring, it's a streamlining of the organisation," Rufenacht told Reuters.

He said natural turnover in the workforce meant that about 14,000 people left the company of their own accord each year, giving an opportunity to reduce overall numbers without any sudden cuts.

Shares in SGS, which provides services to the agriculture, minerals and oil, gas and chemicals industries, were down 4.6% at 2,418 Swiss francs at 1506 GMT on Thursday after half-year results showed adjusted operating income up 5.4% year on year at 489 million Swiss francs (£397.1 million).

(Reporting by Tom Miles; Editing by David Goodman)

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.45% 58.66 Delayed Quote.8.88%
SGS 1.72% 2363 Delayed Quote.6.92%
WTI 0.07% 54.77 Delayed Quote.21.01%
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Financials (CHF)
Sales 2019 6 784 M
EBIT 2019 1 085 M
Net income 2019 681 M
Debt 2019 995 M
Yield 2019 3,31%
P/E ratio 2019 26,6x
P/E ratio 2020 24,5x
EV / Sales2019 2,78x
EV / Sales2020 2,65x
Capitalization 17 842 M
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Technical analysis trends SGS
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 23
Average target price 2 401,00  CHF
Last Close Price 2 363,00  CHF
Spread / Highest target 20,0%
Spread / Average Target 1,61%
Spread / Lowest Target -15,4%
EPS Revisions
Managers
NameTitle
Frankie Ng Chief Executive Officer
Petros P. Kalantzis Chairman
Carla D. F. de Geyseleer Chief Financial Officer & Senior Vice President
August François von Finck Director
Shelby R. du Pasquier Independent Non-Executive Director
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