Currency impact hits Michelin first half results

Clermont-Ferrand, France – Groupe Michelin has reported a decline both in sales and operating income for the first half of 2018, due in part to ‘unfavourable prior-year comparatives’ and currency impact.

The French group posted a 4% decline in sales at €10.6 billion for the first six months of the year compared to €11 billion for the same period the previous year.

This is despite a 6% increase in net sales and the fact that volumes were generally stable over the first half.

The decline in revenue, according…