Porsche increases revenue and operating result in first half

Porsche AG said it increased its operating result, revenue, deliveries and number of employees in the first half of 2018.

The operating result increased by 1% to EUR2.2bn while revenue rose 4% to EUR12.3b. The operating return on sales was 17.5%.

In the first half of 2018, deliveries increased 3% to 130,598 vehicles; workforce grew 5% to 30,785 employees.

"Our performance in the first half of the year has given us a strong basis for a successful 2018 financial year." said chairman Oliver Blume.

"We are also continuing to invest in the future of our brand: electrification, digitalisation and connectivity are major challenges that we are choosing to view as an opportunity."

CFO Lutz Meschke said positive mix effects and development in areas beyond the vehicle business such as after sales and the consulting services MHP and Porsche Consulting all made a positive contribution to the result. Offsetting this were the considerable investments in electrification and in developing new business areas.

"We will have some challenges to overcome in the second half of the year," said Meschke.

The company would need to adapt to the uncertain political and economic situation and also ensure that its model range is compatible with new emission standards in Europe.

"Nevertheless, we will continue to pursue our strategic objective of achieving an operating return on sales of at least 15%," said the CFO.

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