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Revised up of FY 2021 appearance
Rexel today provided a trading update on its full-year 2021 outlook. Better-than-expected business activity in 4Q21, coupled with Rexel’s strong focus on gross margins and cost discipline, allowed us to:
- Same-day sales growth 15.3% (previous guidance: in the 12-15% range), driven by a strong recovery, especially in the U.S., and further supported by rising inflation. Heading into 2022, both Rexel and customers have significant backlogs, driven by healthy underlying demand and projects carried over from last year due to labor shortages and tight supply chains.
- Adjusted Ebita1 The margin is 6.2Fiscal 2021 Percentage (Previous guidance: 5.7%). We estimate that 200bps of adjusted EBITA margin growth from 2020 to 2021 includes a 40bps non-recurring impact (specifically one-time price increases for non-cable products that were positively partially offset by the negative impact of all-time bonuses ).By 2022, we expect our action plan will enable us to further improve from normalized 2021 Adjusted EBITA of 5.8%1 Profits (excluding one-offs) and exceeding our mid-term target of 6%2, ahead of our 2023 roadmap.
Detailed 2021 full-year results and 2022 outlook will be released on February 11, 2022.
1 Adjusted EBITA is defined as reported EBITA excluding the estimated non-recurring net effect of changes in copper-based cable prices.
2 Assuming no serious deterioration in sanitary conditions
About the Rexel Group
Rexel is a global specialist in multi-channel distribution of specialty products and services in the energy sector, targeting three main markets – residential, commercial and industrial. The Group supports its residential, commercial and industrial customers by providing a tailored and scalable range of products and services for energy management in construction, renovation, production and maintenance.
Rexel employs more than 24,000 people through a network of more than 1,900 branches in 25 countries. Group sales in 2020 were EUR 12.6 billion.
Rexel is listed on the Eurolist market of Euronext Paris (Zone A, ticker RXL, ISIN FR0010451203). It is included in the following indices: SBF 120, CAC Mid 100, CAC AllTrade, CAC AllShares, FTSE EuroMid, STOXX600. Rexel is also part of the following SRI indices: FTSE4Good, Dow Jones Sustainability Index Europe, Euronext Vigeo Europe 120, STOXX® …
The full story is available on Benzinga.com
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