Acquisition saves Signify’s sales

Paul van Gerven
Leestijd: 1 minuut

Despite corona-related challenges that have been “second to none”, Eindhoven-based lighting company Signify managed to maintain its Q2 sales on roughly the same level as a year ago. At 1.47 billion euros, sales nominally fell 0.6 percent year-on-year, though they would have fallen by 22.5 percent were it not for the acquisition of the company Cooper Lighting and Klite last year. The net income of the Philips spin-off increased to 81 million euros from 50 million euros in Q2 2019, mainly due to one-off items.

Signify implemented a broad range of action to mitigate the impact of the pandemic, among which voluntarily reductions in working hours and pay for most employees. Things are now gradually returning to normal. At the start of the new quarter, 79 percent of locations were open and the supply chain was 98 percent operational.

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