Steelcase records further rapid turnover growth

08.04.2019 − 

In the fourth quarter of the 2018/2019 financial year (end of February), growth of Steelcase further accelerated. Turnover increased by 18.1% to US$912.4m. Double-digit rates of increase were achieved in all three business divisions. The most significant improvement was recorded in the Americas region (+19.4% to US$641.7m). In the EMEA region and other business division, which includes the Asia-Pacific region as well as the Designtex and PolyVision brands, turnover increased by 15.6% to US$175.5m and 14.1% to US$95.2m respectively.

Over the entire year group turnover improved by 12.7% to US$3.443bn. After a comparatively low increase of 2.6% in the first quarter, turnover rose by 12.9% in the second quarter and by 16.7% in third quarter. Concerning organic turnover, adjusted to account for currency effects, acquisitions and divestments, Steelcase records a 9% turnover increase for 2018/2019. On 20 September Steelcase had announced the acquisition of British office furniture manufacturer Orangebox Group. The takeover of Smith System Manufacturing was concluded as per 12 July. At the end of 2017 the group had acquired AMQ Solutions.

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