Avantha Group Company CG reported Consolidated Revenue of EUR 8.7 billion crore for the half-year ended September 30, 2014 up 7% as against EUR 8.1 billion on September 30, 2013. The net profit for the period stood at EUR 0.17 billion up 13% as against EUR 0.15 billion in H1FY14.
CG bagged orders worth EUR 6.8 billion in H1FY15 and the UEOB (un-executed order backlog) stood at EUR 11.5 billion as on September 2014.
CG’s Board of Directors approved the demerger of the Consumer Business to a separate listed company. Other than increasing shareholder value, the demerger will provide fresh impetus to both the entities to pursue their individual growth strategies and improve the competitiveness in their respective markets. The demerger will be through by the end of next year subject to necessary regulatory and legal approval.
Commenting on the results, Avantha Goup Company CG’s CEO and Managing Director Laurent Demortier said, “The quarter gone by was satisfactory with good order intake from almost all the geographies. Power and Automation businesses continue to see positive growth. The restructuring exercise undertaken in Europe has started translating into operational and financial efficiencies.”
“We have taken an important step with the demerger of the Consumer Business. This will create an enabling platform for financing growth of respective businesses and generating long-term value for our shareholders.” Mr. Demortier added.
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Press release; Image: cgglobal