(Reuters) – Saint-Gobain reported on Thursday a turnover of 11.36 billion euros in the first quarter, down 5.8% on a comparable basis 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)
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