2nd November 2021
Olivier Aeschlimann, Senior Financial Analyst
The group reported revenue up +18.2% and operating profit up +32.2% over the first nine months of the year. However, the increase in commodity prices resulted in a contraction in gross margin to 52.6% from 54.6% a year earlier. However, Sika maintained its operating margin thanks to increased volumes, good pricing power, as well as productivity gains. The group also gained market share in a difficult context, characterized by still disrupted supply chains. Organic sales growth targets for the full year 2021 remain unchanged at between 13% and 17%, and operating margin is expected to be 15%. The group’s management also confirmed its medium-term objectives as part of its 2023 strategy, i.e., annual growth of +6-8% and an EBIT margin between 15% and 18%.