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Lockmaker Assa Abloy’s revenue up as gross sales bounce regardless of provide strains By Reuters

© Reuters. FILE PHOTO: An Assa Abloy lock is displayed in a store in Riga, Latvia September 19, 2013. REUTERS/Ints Kalnins

By Anna Ringstrom

STOCKHOLM (Reuters) -Assa Abloy, the world’s largest lockmaker, reported barely higher than anticipated fourth-quarter revenue progress on Friday as stronger demand helped mitigate continued pandemic-related provide chain challenges.

Working revenue grew to 4.01 billion crowns ($441.95 million) from a year-earlier revenue of three.48 billion earlier than restructuring prices. Analysts polled by Refinitiv had on common forecast a 3.87 billion crown revenue.

Shares within the Swedish firm had been up 6% in early commerce.

The group mentioned value will increase, price management and gross sales progress bolstered earnings, serving to offset document excessive uncooked materials prices, logistic challenges and part shortages accompanying the worldwide economic system’s fast restoration from coronavirus restrictions.

Assa Abloy (OTC:), whose merchandise vary from safety doorways and automatic entrance options to digital and mechanical locks underneath manufacturers comparable to Yale, mentioned gross sales excluding acquisitions had been up 10%, with notably robust progress in its Americas division.

“As many restrictions had been phased out, the exercise degree improved,” CEO Nico Delvaux mentioned within the earnings assertion.

The rival to Allegion (NYSE:) and Stanley Black & Decker (NYSE:) proposed a dividend for 2021 of 4.20 crowns per share, up from 3.90 crowns the 12 months earlier than.

($1 = 9.0734 Swedish crowns)

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