Revenues generated by manufacturer Hilti in 2015 grew in line with expectations, according to preliminary results.

The company said that while sales in local currencies showed 5.8% growth, revenues in Swiss Francs remained 2.5% below the level of the previous year thanks to currency differences.

As such, revenues declined by CHF113 million (€104 million) year-on-year to CHF4.38 billion (€3.98 billion).

The company said 2015 turned out to be a challenging year as a result of the massive appreciation of the Swiss Franc and volatile markets, especially in emerging countries.

“Given these challenges, we are satisfied with our sales growth. We are obviously less pleased with the fact that we have lost more than 8 percentage points of sales after conversion into Swiss Francs,” said CEO Christoph Loos.

In Europe, Hilti said sales in local currencies grew 4.2% year-on-year in 2015, mostly thanks to positive trends in Northern Europe, combined with slight growth in Southern Europe and substantial growth in North America. The Asia Pacific and Latin America regions also showed growth for the company.

Mr Loos added, “We are determined to maintain this course in 2016 and expand our market shares.”

The company will release its full annual results report in March.

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