Valeo has posted half year net income up 23% to EUR422m (US$463m), with sales up 11% to EUR8.1bn for the first six months.
Operating margin rose 20% to EUR647m or 8% of sales, while order intake was up 20% to EUR12.8bn.
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“Over the last few years we have built a new, more technologically focused, innovative, dynamic and profitable Valeo thanks to the commitment of all the Group’s teams,” said Valeo chairman and chief executive, Jacques Aschenbroich.
“Our results for the first half of 2016, with the order intake up 20% to EUR12.8bn, like-for-like sales up 11%, operating margin up 20% to 8% of sales and net income up 23%, bear testimony to our dynamism and to the merits of our strategy focused on innovation in CO2 emissions reduction and intuitive driving.
“On the back of our strong sales growth and the significant out-performance of our original equipment sales on the world’s main markets, we can confidently confirm our full-year 2016 objectives announced on publication of the 2015 annual results, despite the uncertainties that may affect the European automotive market following the recent Brexit decision by the United Kingdom.”
