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Provider: Reuters Investment Profile
Provider: Wright Reports
Provider: Wright Reports

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Viborg Haandbold Klub A/S Announces Streamlining of Operations; Comments on FY 2012 Financial Guidance

Tuesday, 11 Dec 2012 01:05pm EST 

Viborg Haandbold Klub A/S announced that its Board of Directors has, at a Board meeting on December 11, 2012, decided to target the club's strategic focus maximum towards women's handball. The resolution provides for the strengthening of women's team with the intention that it again becomes able to compete with the main teams in Europe. The men's division will be converted to a development environment consisting of young players, primarily related to Sports Academy Viborg, at the level that such a team could succeed at. Behind the decision to focus the Company's strategic focus towards women's handball is a recognition that, in the current economic climate, it is not possible to run both women's and men's teams at the highest level in a city the size of Viborg. In connection with the above, the Company has decided to adjust its full fiscal year 2012 financial result, which is now expected to be in the range of between DKK -2 million and DKK -5 million. Based on the prospect of a negative annual result, the Company has launched a savings plan, which among other things, involves trimming of the organization. The total savings are expected to be between DKK 10 million and DKK 12 million compared with the budget for the fiscal year 2012/2013.