Haxagon AB, a Sweden-based company, has released the interim report of first quarter (1 January – 31 March ) of 2020. The report suggested that the net sales of the company decreased by -3% to 889.9 MEUR (916.5).
“Net sales decreased by -3 % to 889.9 MEUR (916.5). Using fixed exchange rates and a comparable group structure (organic growth), net sales decreased by -7%. Regionally, organic growth was 6 per cent in Americas, -6% in EMEA and -21 per cent in Asia. In Americas, North America recorded mid-single digit organic growth, supported by a solid development in public safety, power and energy and most manufacturing segments. However, the surveying, infrastructure and construction markets declined,” it said.
Mentioning about the quarter, the report further added, “South America recorded double-digit organic growth driven by strong demand in Brazil. In EMEA, Western Europe recorded -9% organic growth primarily impacted by the COVID-19 pandemic in Italy, Spain and the UK, where government restrictions and shutdowns impacted demand. Russia and the Middle East recorded favorable organic growth. In Asia, China recorded -40% organic growth, heavily impacted by the COVID-19 pandemic in all business segments. Japan and South Korea recorded solid organic growth, however, South-Eastern Asia and India declined.”
According to group president and CEO Ola Rollén, “It is without a doubt a challenging and uncertain environment we experience and it changes daily. Fortunately, Hexagon’s strong financial position enables us to continuously develop revolutionary solutions that drive our customers efficiency, productivity and quality.”