Dornbirn, Austria – The general development of the professional lighting industry has also remained below our expectations throughout the third quarter. Business has been negatively affected, above all, by a sharp drop in revenues in Great Britain, the most important single market for the Zumtobel Group AG, as well as aggressive price competition in both the lighting and components business and revenues that has not yet been realised due to internal operating challenges. These developments led to a decision by the Management Board of Zumtobel Group AG in a meeting today to adjust the forecast for the 2017/18 financial year (1 May 2017 to 30 April 2018).
In view of the upcoming changes on the Management Board, planning for the coming months is connected with above-average uncertainty. Taking into account the effects of the extensive cost savings measures already implemented, the Management Board now expects adjusted EBIT of EUR 15 to 25 million based on a decline in revenues of approximately 8% for the 2017/18 financial year. The previous forecast called for adjusted EBIT of EUR 50 to 60 million and a decrease in revenues of roughly 5%.
Zumtobel Group AG will present detailed information on the development of business in connection with the presentation of results for the third quarter of the 2017/18 financial year on 6 March 2018.
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