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Provider: Reuters Investment Profile

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Incap Oyj Lowers FY 2013 Revenue Guidance and Confirms FY 2013 EBIT Guidance; Company Streamlines Organization and Reduces Number of Production Personnel

Wednesday, 10 Apr 2013 01:30am EDT 

Incap Oyj announced that it estimates that the Group's revenue in the fiscal year 2013 is to be lower than in the fiscal year 2012, when it amounted to EUR 64.1 million. Previously on March 19, 2013, Incap estimated that the Group's revenue in 2013 will be at the same level or somewhat lower than in 2012. The Company retains its previous estimate for profitability and estimates that the full-year operating result (EBIT) will be clearly positive. The operating result in 2012 was negative EUR 0.7 million. The decrease in revenue is caused by the fact that the purchase of a part of the materials needed in production has temporarily been transferred over to some customers. This way the deliveries to customers are secured, while the Company's challenging financial situation has weakened the availability of materials. In order to decrease the overhead expenses the organization structure of the Group will be streamlined. The corporate functions in Finland have been decreased to a half compared with the previous situation. Some tasks will be transferred from Finland to Estonia and India, and functions are centralized to the factories. The production will be made more efficient and adjusted both in Estonia and in Finland. The number of personnel in production has been reduced. Working hours in Kuressaare have been cut down and all the personnel in the factory will work only on four days a week during April and May 2013. 

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6:01am EST