(CercleFinance.com) – The group announces turnover and operating profit from continuing activities of 10.2 billion euros and 2.7 billion euros, respectively for the first six months ended September 30 2023.
Revenue was up 6% at actual exchange rates and 12% at constant currencies, supported by almost all regions and distribution channels.
Growth is driven by Asia Pacific, where sales increased by 14% at real exchange rates (+23% at constant exchange rates), and by the Jewelry Houses whose sales increased by 10% at real exchange rates. real exchange rates (+16% at constant exchange rates).
The group recorded a contraction in Watch House sales of 3% at real exchange rates (+3% at constant exchange rates) with an operating margin of 19.7%.
Current operating profit was down 2% to €2,655 million at actual exchange rates (+15% at constant exchange rates), representing an operating margin of 26.0% (28.5% at constant exchange rates, up 90 basis points).
Current profit increased by 3% to €2.2 billion and net profit stood at €1,505 million. The group recorded a loss of 0.7 billion euros in respect of assets held for sale, mainly due to an accounting charge of 0.5 billion euros corresponding to the revaluation of YNAP’s net assets.
Net cash stood at 5.8 billion with cash flow up to 1.7 billion euros generated by operational activities.
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