Vaahto Group lowers its 2014 forecast
VAAHTO GROUP PLC OYJ STOCK EXCHANGE RELEASE 31.7.2014 at 16.30
VAAHTO GROUP LOWERS ITS 2014 FORECAST
Vaahto Group lowers its 2014 forecast. In the Interim Management Statement, published on 16.5.2014, the operating profit of the continuing operations was expected to be positive for the fiscal year 2014. The latest management estimation is that the operating profit of the continuing operations will be negative for the fiscal year 2014.
The main reasons are the delay in the positive development of the order book and the slower improvement of the market situation than earlier predicted. Additionally, the costs related to the re-organization of the group structure have an effect on the estimate. Due to the classification of the continuing and discontinuing operations, the allocation of the group’s overhead costs affects the continuing operations more than estimated. The group is currently adjusting its administrative costs, but the changes made to the cost structure will generate savings later than earlier anticipated.
Vaahto Group will publish an Interim Report covering six months of operations on August 22, 2014.
In Lahti 31.7.2014
VAAHTO GROUP PLC OYJ
The Board of Directors
For further information:
CEO, Vaahto Group Plc Oyj
Tel. +358 40 726 8923