The Bossard Group has markedly increased its results in the first half of 2017. Compared to the first half of 2016, net income rose an impressive 44.7% to CHF 45.3 million. This includes an extraordinary income of CHF 4.5 million net. Consolidated sales rose by 15% to CHF 395.1 million. The acquisition strategy also contributed to this growth. Without takeovers sales grew a solid 9.5% to CHF 376.1 million. Soaring sales and profits in the first half of the year is yet another confirmation of our profit-oriented growth strategy. Bossard made gains in all market regions, most of all in the America business.
The European business, which accounts for nearly 57% of total sales, contributed significantly to the group's solid performance. Sales in this market region increased 7.5% to CHF 223.3 million, a plus of 8.6% in local currency. Growth rates varied across the individual markets, but each of them made an important contribution to overall performance. This is particularly true for Switzerland, where Bossard long grappled with weak demand due to the appreciation of the Swiss franc at the beginning of 2015.
The America business is currently experiencing exceptional growth. Sales in this market region grew by 32.3% to CHF 114.3 million. These figures also include the acquisition of the U.S. company Arnold Industries, which was consolidated starting in the fourth quarter of 2016. Yet even without this acquisition – which solidified our market position in the Northeast of the USA – the Bossard Group clearly increased sales with premium fastening solutions and services. Adjusted for the acquisition, sales rose by 17.4% to CHF 101.4 million. This growth also reflects the successful cooperation with the largest U.S. electric vehicle manufacturer. Moreover, our second major U.S. customer – a company in the agricultural technology sector – profits from a more favorable economic climate. After a long slump, this business is bouncing back.
The Asia business also did well in the first half of the year. Sales grew by 16.2% over the previous year to CHF 57.5 million. This performance confirms our strategic targets and the related investments aimed to spark organic growth in this market region. The Bossard Group succeeded in growing sales in all market regions in Asia, in the majority of countries in the double-digit range.
Overall, the Bossard Group increased net income in the first half of 2017 by 44.7% to CHF 45.3 million. This upsurge includes the extraordinary income of CHF 4.5 million net that we realized from the real-estate sale of our former location in Austria.
Bossard will release its detailed semi-annual report on August 22, 2017.