Beiersdorf shares dip as first-half results are announced
Beiersdorf today published its interim report from January to June 2008. The company announced a 11.5% rise in sales, from €2,850m in the first half of 2007 to €3,091m. Organic growth, adjusted for currency translation effects and excluding the acquisitions made at the end of 2007, amounted to 8.3%.
Beiersdorf today published its interim report from January to June 2008. The company announced a 11.5% rise in sales, from €2,850m in the first half of 2007 to €3,091m. Organic growth, adjusted for currency translation effects and excluding the acquisitions made at the end of 2007, amounted to 8.3%.
Thomas-Bernd Quass, chairman of the executive board of Beiersdorf, said: “Business in Germany is back on a growth path in a difficult market.” However today’s stock market figures told another story, as shares in Beiersdorf fell by 6.2% to €38.61, having earlier dropped 9.4% to €37.32.
In addition, Quass intimated that high raw material costs could force the company to up its prices. “So far Beiersdorf has been able to offset the increasing raw material prices by systematically applying the procurement strategies that we have developed over the past few years,” he said. “Nevertheless, Beiersdorf is not immune to the increasing prices in the global raw material market and will adjust selling prices to take account of this development next year.”