Legrand’s financial performance for the first half of 2024 highlights its resilience and strategic adaptability. Despite a challenging global market, the company reported a slight decline in sales by 2.0%, with a narrower drop of 0.7% when excluding exchange rate fluctuations and the impact of disengagement from Russia. Notably, the second quarter saw a recovery, with organic sales growth of 1.5%, driven largely by the datacenter segment.
The adjusted operating margin held firm at 20.7%, reflecting Legrand’s effective cost management and operational efficiency. Net profit attributable to the Group was 13.7% of sales, showcasing robust profitability despite a decrease in sales revenue.
Legrand has continued to advance its growth strategy through significant acquisitions, with five deals announced in 2024, including three focused on expanding its datacenter capabilities. These acquisitions are expected to contribute over $220 million in additional annual revenue. The company’s strong focus on innovation is evident with the introduction of new products and solutions, such as the new Céliane wiring devices and various datacenter solutions.
CEO Benoît Coquart highlighted that the company’s performance reaffirms the relevance of its business model. Legrand remains confident in achieving its full-year targets, which include low single-digit sales growth, maintaining an adjusted operating margin between 20.0% and 20.8%, and meeting a 100% CSR achievement rate. The company’s continued strategic acquisitions and product innovations position it well for future growth.
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