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Efore Plc has lowered its financial estimate for 2015 due to lower-than-forecast demand in mainly telecommunication sector during the latter part of the year.
New financial estimate is:
The company estimates its net sales of financial year 2015 to be EUR 86 to 92 million and results from operating activities without one-time items to be at break-even level or mildly positive.
Previous financial estimate was:
The company estimates its net sales of financial year 2015 to be EUR 86-96 million and results from operating activities without one-time items to be EUR 2-5 million.
Efore continues a cost-saving and efficiency improvement programme started during the summer. The company structure has been streamlined and the organisation has been flattened through integration of business units. Furthermore, the cost structure of certain products has been improved and there are production efficiency improvements both at Tunisia and Suzhou plants. The results of these measures will begin to show mainly during 2016.
Efore will publish its interim report for the 3rd quarter on October 21, 2015.
About Efore Group
Efore Group is an international company which develops and produces demanding power products. Efore's head office is based in Finland and its production units are located in China and Tunisia. Sales and marketing operations are located in Europe, United States and China. In the fiscal year ending in December 2014, consolidated net sales totalled EUR 85,3 million and the Group's personnel averaged 914.