Luxaflex maker sees turnover grow by almost half

March 12, 2020 by No Comments

Hunter Douglas, known for, among other things, Luxaflex window coverings, has recorded significantly more turnover in the first half of this year. This increase is partly the result of the corona pandemic in the first half of 2020, when demand fell sharply. Turnover increased this year, especially in North America and Asia. The Amsterdam-listed company announced on Tuesday that higher sales were also achieved in the other markets where it is active. Compared to a year earlier, turnover increased by 44 percent to more than 2.2 billion dollars (1.87 billion euros). In addition, the company also benefited from favorable currency effects, which resulted in an additional growth of 4 percent.

Due to the higher demand, the result also increased. Hunter Douglas posted a net profit of $262 million, which is much more than the $28.5 million in 2020. That half-year profit was so low at the time, because the company suffered a lot from the corona pandemic, which not only led to a drop in sales of almost 20 percent. per cent. In the second quarter, when many countries introduced lock downs, there were even losses last year.

According to the company, the outlook is positive, but Hunter Douglas says it is unclear when consumer spending will “normalize” again.

The share price of Hunter Douglas rose by 2.4 percent on Tuesday to 92.50 euros. The stock has doubled in value in the past year. Last summer the price was almost 45 euros, while in June this year it reached a high of more than 95 euros. That higher share price also means that founder Ralph Sonnenberg has to adjust his plans to get full ownership of the company, as he has been trying since December last year.

As late as May, the 87-year-old billionaire, who owns almost 88 percent of the shares, offered 82 euros per share, but that was not accepted by the remaining shareholders. Earlier, his offer of 62 euros in December proved insufficient to acquire a 95 percent stake. That interest of 95 percent is needed to start a smoke-out procedure and end the stock exchange listing. Then the judge determines a price for the remaining shareholders. For the time being, Sonnenberg has ruled out a higher offer.