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EssilorLuxottica sees sales growth In FY20

By DPA

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French ophthalmic company EssilorLuxottica SA (ESLOF.PK, ESLOY.PK) reported Thursday that its fiscal 2019 net profit attributable to owners of the parent was 1.077 billion euros, compared to last year's 1.083 billion euros.

Earnings per share, meanwhile, plunged to 2.44 euros from 4.07 euros last year, reflecting significantly higher share count.

The company noted that the year 2019 was the first year to show full year performance of both Essilor's and Luxottica's businesses in the statement.

Adjusted net profit attributable was 1.938 billion euros, compared to last year's 1.774 billion euros. Adjusted earnings per share were 4.46 euros.

Profit before tax grew to 1.53 billion euros from prior year's 1.29 billion euros.

Revenue climbed to 17.39 billion euros from last year's 10.83 billion euros. On a restated pro forma basis, revenues grew 7.4 percent and the growth was 4.4 percent at constant exchange rates.

Further, the Board of Directors will recommend that shareholders at the Annual Meeting to be held on May 15 approve the payment of a dividend of 2.23 euros per share.

The company said it has started to drive integration and deliver revenue and cost synergies. It confirms that the net impact of those synergies on adjusted operating profit is expected to be in the range of 300 million euros to 350 million euros in the period 2019-2021; and 420 million euros to 600 million euros by 2022-2023.

Looking ahead for fiscal 2020, the company said its objectives assume that the COVID-19 outbreak will subside in the next few months.

Excluding any contribution from GrandVision, EssilorLuxottica expects sales growth of 3 to 5 percent at constant exchange rates.

In addition, due to the COVID-19 outbreak, the Company's current expectation is for revenue growth to be below the annual trend in the first half of the year, followed by a recovery in the second half.(DPA)

EssilorLuxottica