Lisi 2011 Sales up 19 Percent

Lisi Group reported 2011 annual sales at 925 million euros up 19.1 percent on 2010, including 13.8 percent organic growth.

Operating margins improved by 1.9 points and EBIT reached 76.6 million euros, up 54.9 percent on 2010.

The aerospace fastener division, which acquired Cruezet Aeronautiqute and Indraero Siren during the year, increased sales 44.7 percent to 407.6 million euros. It was the main contributor to profit improvement, recovering from a substantial decline in 2010. Creuzet contributed 59 million euros in sales. Lisi forecasts further acceleration in its aerospace business.

Lisi Automotive recorded annual sales of 446 million euros up 11.2 percent. Operating margin decreased one full point to 5.3 percent. Lisi says there was a definite slowdown in automotive sales in the second half and the operating margin is not meeting the Group objective of 10 percent. Margin recovery is feasible in 2012 dependent on whether volatility of demand from major customers can be prevented from disrupting production efficiency.