Etteplan releases a profit warning and lowers and specifies its guidance for 2023
Etteplan Oyj, Stock Exchange Release/Insider information, September 18, 2023 at 12.00 a.m. EEST
Etteplan releases a profit warning and lowers and specifies its guidance for 2023
The revenue is estimated to be 355-370 M€ and the operating profit (EBIT) to be 26-28.5 M€
In its interim report published on August 10, 2023 Etteplan estimated its revenue in 2023 to be EUR 360-380 million, and operating profit (EBIT) in 2023 to be EUR 28-31 million.
Etteplan is now updating and specifying its previous estimate of 2023 revenue and operating profit (EBIT) due to the weaker-than-expected business development in the third quarter. According to the new estimate, the revenue is estimated to be 355-370 M€ million euros and operating profit (EBIT) to be 26-28.5 million euros.
The negative development of the outlook is effected by the weakening of the market situation and, in particular, changes in the demand of consumer product manufacturing customers in the Technical Communication Solutions service area in Central Europe.
"The market's uncertainty is reflected in our business and customers' decision-making is still cautious. The beginning of the year was weighed down by large one-time costs related to adapting operations and the modest performance level of the Software and Embedded Solutions service area. At the moment, market demand is weakening, especially in the Technical Communications Solutions service area in Central Europe, where we have more customers that manufacture consumer products. We will continue to take measures to improve operational efficiency, but our profitability will fall short of the level we previously estimated and unfortunately we need to update and specify our guidance", President and CEO Juha Näkki, Etteplan Oyj says.
Etteplan's interim report for the third quarter will be issued on Tuesday, October 31, 2023.
Espoo, September, 18, 2023
Board of Directors
Additional information:
Juha Näkki, President and CEO, tel. +358 10 307 2077
Outi Torniainen, SVP, Marketing and Communications, tel. +358 10 307 3302
DISTRIBUTION:
Nasdaq Helsinki
Major media
www.etteplan.com
Etteplan in brief
We are a rapidly growing technology service company specializing in software and embedded solutions, engineering solutions, and technical communication solutions. We are a forerunner in the engineering industry and we differentiate ourselves by the wide-ranging competence of our experts. Our customers include world’s leading companies in the manufacturing industry. We help them to create a better world through engineering, innovation and digitalization.
Etteplan has lead the way in the engineering field already since 1983. In 2022, we had a turnover of EUR 350.2 million. The company currently has some 4,000 professionals in Finland, Sweden, the Netherlands, Germany, Poland, Denmark and China. Etteplan's shares are listed on Nasdaq Helsinki Ltd under the ETTE ticker. www.etteplan.com