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3 months ago
BRIEF-Wolford revises guidance for 2016/17 FY and planning for following yrs
April 12, 2017 / 1:55 PM / 3 months ago

BRIEF-Wolford revises guidance for 2016/17 FY and planning for following yrs

2 Min Read

April 12 (Reuters) - Wolford AG:

* Revises guidance for 2016/17 financial year and planning for following years

* Company plans to generate positive operating results again in 2018/19 financial year

* Updated medium-term planning focuses on sustainably improving cost structures with objective of making company profitable again

* Against backdrop of current difficult market environment, latest planning assumptions foresee moderate revenue growth of individual sales channels

* Time frame of two years is stipulated to implement measures designed to improve earnings

* Expects to allocate provisions in 2016/17 financial year in range of 7 million to 9 million euros ($7.42 million - $9.55 million) for impairment losses and restructuring measures in addition to operating losses amounting to 8 million to 10 million euros

* In order to ensure a sustainable financing structure, management board of Wolford AG is currently examining various suitable equity capital measures with its core shareholders Source text for Eikon: Further company coverage: ($1 = 0.9429 euros) (Gdynia Newsroom)

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