PARIS, Feb 12 (Reuters) - French electrical materials supplier Rexel said fourth-quarter like-for-like sales fell 4.7 percent, hurt by increasingly challenging market conditions, a low level of residential construction and project delays.
“The trend in organic sales is likely to remain negative in the first half, with an expected return to growth in the second half, helped by improving indicators in North America and fast-growing countries,” Rexel said in a statement on Tuesday.
“As a result, we target slightly positive organic sales growth for the year as a whole.”
Rexel confirmed its medium-term targets for an adjusted EBITA margin above 6.5 percent and free cash flow after interest and tax above 500 million euros ($669 million) in 2015. ($1 = 0.7474 euros) (Reporting by James Regan; Editing by Blaise Robinson)