“Brisk business” in the UK helped Tefal owner Groupe SEB increase revenue by 10.6% in the first half of 2011.
The company, whose brands also include Rowenta, Krups and Moulinex, had sales of €1,719m compared with €1,555m in the first six months of last year. Operating profit was up 7.2% but operating margin slipped by 7.6%.
Groupe SEB said that most markets had proved fiercely competitive, leading to high levels of promotional activity, and that there had been significant contrasts in global demand. It had held up well in Western Europe, with the exception of Greece, Spain and Portugal, and business in the UK had been brisk. Emerging markets remained vibrant.
Commenting on the results, chairman and CEO Thierry de La Tour d’Artaise, said: “Our first-half results attest to our sustained growth dynamic and the quality of our strategy, which consists of maintaining a balanced presence between mature markets and emerging economies. They also demonstrate our determination and ability to meet our overall goal of continuing to grow the business.”
Looking ahead, the company believes demand is likely to hold up in mature markets and remain buoyant in emerging markets. But it predicts that they will all remain extremely competitive, with no end in sight to promotional activity.