PSA has posted Group revenue growth up 19% to EUR74bn (US$84bn), with sales rising 7% to 3.88m vehicles.
7.7% Group recurring operating margin increased 8% to EUR5.7bn, while there was a 40% increase in the net result at EUR3.3bn.
“Peugeot Citroen DS has made significant progress for the 5th year in a row and is closing the first phase of the Push to Pass strategic plan with outstanding results,” said PSA chairman, Carlos Tavares.
“This demonstrates the ability of our Group to deliver a profitable and recurring growth. Opel Vauxhall has laid the foundations for a sustainable future with Pace Plan and are eager to unleash further potential.
“We are now entering the second phase of the Push to Pass plan with confidence in a context of even stronger headwinds”
“We are now entering the second phase of the Push to Pass plan with confidence in a context of even stronger headwinds. No doubt that our agile, customer focused and socially responsible approach will make the difference.”
Market outlook: in 2019, the Group anticipates a stable automotive market in Europe, a decrease by 1% of the market in Latin America and by 3% in China and growth of 5% in Russia.
New operational outlook:
Having surpassed the initial targets of the Push to Pass plan for the period 2016-2018, Groupe PSA sets the following new target for the period 2019-2021 (including Opel Vauxhall):
Deliver more than 4.5% Automotive recurring operating margin on average in 2019-2021.
Groupe PSA announces also a new dividend policy for 2019-2021 with a pay out ratio increased to 28% from fiscal year 2019.