January 28, 2020 / 6:06 AM / 21 days ago

SGS pledges to accelerate acquisitions after posting 2.6% profit rise

ZURICH, Jan 28 (Reuters) - SGS reported a 2.6% increase in annual net profit, the Swiss testing and certification company said on Tuesday, adding it would accelerate its M&A programme and deliver “solid” organic sales growth in 2020.

Shareholders’ net profit increased to 660 million Swiss francs ($682.17 million) from 643 million francs a year earlier, roughly in line with forecasts for 664 million francs according to Refinitiv data.

Revenue fell 1.6% to 6.60 billion francs, slightly short of the 6.66 billion forecast, while the company proposed increasing its dividend to 80 francs from a payout of 78 francs per share for 2018. ($1 = 0.9675 Swiss francs) (Reporting by John Revill; Editing by Muralikumar Anantharaman)

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