Signify NV (GB:0RHI) has released an update.
Signify NV reported a second quarter sales decline of 9.8% to EUR 1.5 billion with a slight drop in operational profitability to 7.9%, offset by a robust growth in connected light points to 136 million and a solid net income increase to EUR 63 million. Despite market challenges in Europe and China, positive trends in connected lighting and growth in the Consumer and OEM businesses outside China have been encouraging. The company remains cautious but maintains its guidance, expecting a lower Adjusted EBITA margin of 10.0-10.5% and a free cash flow generation of 6-7% of sales.
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