March 5 (Reuters) - Swiss security group Dormakaba confirmed its full-year outlook on Tuesday and reported half-year net sales that were slightly below expectations, hurt by a negative currency translation effect.
Group net sales amounted to 1.38 billion Swiss francs ($1.56 billion) for the half-year ending December, up 3.9% organically but slightly below analysts' average forecast of 1.41 billion Swiss francs provided by LSEG.
Despite a negative currency translation effect of 95.2 million Swiss francs, Dormakaba, whose products range from entrance systems to safe locks, reported a sales increase driven both by price hikes and higher volumes.
Its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 8.7% to 200.7 million Swiss francs. Adjusted EBITDA margin increased to 14.6% from 13.0% a year ago.
The company confirmed its guidance for the financial year 2023/24, citing a good order pipeline. It expects organic sales growth to reach its mid-term target of 3-5% and profitability to improve from the prior year level.
($1 = 0.8852 Swiss francs)
Reporting by Amir Orusov and Anastasiia Kozlova; Editing by Jacqueline Wong and Kim Coghill
Source: Reuters