Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Geberit says British construction market declining as Brexit weighs

share with twitter share with LinkedIn share with facebook
share via e-mail
10/31/2019 | 02:18am EDT
Logo of shower toilet and plumbing supplies maker Geberit is seen in Rapperswil-Jona

ZURICH (Reuters) - Plumbing materials supplier Geberit said it was seeing a decline in the British construction market, a side effect of its protracted departure from the European Union, as the company reported better-than-expected earnings during its third quarter.

The Swiss company, whose products are used in new-build and renovation projects, said the downward trend in Britain it expected in recent months had now materialised.

Data on Thursday showed British consumer sentiment falling to its lowest level since 2013, while a study showed the country's commercial property market had also entered a downturn.

In contrast, Europe remained broadly positive although Italy and France were no longer growing, Geberit said.

During the third quarter Geberit's operating profit before depreciation and amortisation (EBITDA) rose 8.4% to 231.3 million Swiss francs ($234.35 million). The figure beat the 222 million francs expected by analysts, according to Refinitiv data.

Third-quarter sales rose 1.8% to 754 million francs, beating forecasts for 744 million francs. Net profit rose 17.2% to 170.6 million francs, also ahead of estimates.

For the full year, Geberit expects currency-adjusted sales growth of 3% to 4%, confirming its earlier outlook, while it expected an EBITDA margin of around 29%, the top end of its previously stated range.

($1 = 0.9870 Swiss francs)

(Reporting by John Revill)

By John Revill

Stocks mentioned in the article
ChangeLast1st jan.
DEERE & COMPANY 3.46% 166.72 Delayed Quote.-8.61%
EURO / BRITISH POUND (EUR/GBP) -0.89% 0.89099 Delayed Quote.5.68%
GEBERIT AG 0.33% 479.7 Delayed Quote.-11.98%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Economy & Forex"
05:55pUK seeks to boost post-Brexit ties with ASEAN partnership
RE
05:53pStocks surge on strong jobs report
RE
05:53pEXCLUSIVE : U.S. weighs blacklisting dozens more oil tankers over Venezuela - officials
RE
05:49pEXCLUSIVE : U.S. weighs blacklisting dozens more oil tankers over Venezuela - officials
RE
05:48pReddit co-founder Ohanian resigns from board, wants a black candidate to take over
RE
05:39pUtilities Up, But Not By Much, Amid Cyclical Bias -- Utilities Roundup
DJ
05:38pCommunications Services Up On Cyclical Bias -- Communications Services Roundup
DJ
05:37pTech Up As Nasdaq 100 Hits Record High -- Tech Roundup
DJ
05:36pPG&E Corp preparing $11 billion debt financing ? investor
RE
05:26pReddit co-founder Ohanian resigns from board, wants a black candidate to take over
RE
Latest news "Economy & Forex"