Catella closes unprofitable operations in Oslo
Catella has decided to wind up its property advisory operations in Oslo, against a background of weak earnings growth in recent years. Catella has a strong position in property advisory services in the Nordic countries, and Norway is a prioritised market on which Catella intends to continue offering property advisory services in the future.
During 2012, sales for the property advisory services in Norway were SEK 13.5 million, which corresponds to approximately 1 percent of Catella’s total net sales, and earnings before tax were SEK - 7.3 million. During the first half of 2013, net sales were SEK 4.2 million and earnings before tax were SEK -4.0 million.
“We are not satisfied with the performance of the operations in Norway and have therefore taken the decision to close them. We have a strong position in the Nordic region, and Norway certainly remains an important market for us in future,” says Anders Palmgren, Head of Catella’s Corporate Finance operations.
Catella’s operations in Oslo will be wound up on 31 December 2013. Ongoing client projects will continue as planned, and the intention is to complete these before the end of the year. Clients with projects that cannot be completed before this will be offered alternative solutions.
Catella’s property advisory services operate in 11 European countries and have more than 200 employees.
For more information, please contact:
Anders Palmgren
Head of Corporate Finance
+46 8 463 32 36, +46 73 940 55 71
anders.palmgren@catella.se
Press contact:
Ann Charlotte Svensson
Head of Communications
+46 8 463 32 55, +46 72 510 11 61
anncharlotte.svensson@catella.se
About Catella: Catella is an independent financial advisor and asset manager. We have operations in 12 European countries and some 450 employees. Catella has a strong offering in financial services through our business breadth, geographical coverage and leading position in the property sector. Catella is listed on Nasdaq OMX First North Premier, trading under the stock symbols CAT A and CAT B. The company’s certified advisor is Remium AB. Read more about Catella at www.catella.com.
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