The Saint-Gobain logo at the company’s headquarters in the financial and business district of La Defense, near Paris, France
Saint-Gobain reported Thursday a turnover of 11.36 billion euros in the first quarter, down 5.8% like-for-like due to the decline in new construction in Europe.
Activity in Europe fell by 10.3% over the quarter “in a context of significantly slowed down new construction”, explains the group in a press release, but renovation – which represents around 60% of sales – is holding up better.
Saint-Gobain says it is confident for 2024 and is targeting a double-digit operating margin, for the fourth consecutive year despite a decline in some of its markets.
The acquisitions of CSR Limited and Bailey, players in the high-growth markets of Australia and Canada, are expected to strengthen “the group’s profitable growth profile”, the company said.
(Writing by Mathias de Rozario, editing by Kate Entringer)