Fagerhult provides a general market update and communication
AB Fagerhult (publ.), (“Fagerhult”) have updates regarding several activities in the first quarter.
Firstly, regarding the Covid-19 virus, Fagerhult has taken a significant amount of actions. Fagerhult’s focus is to protect employees, continue deliver to our customers, and take social/civic responsibility. Fagerhult encourage all employees to avoid close contact with ‘social distancing’ and split-shift working implemented in operations and offices and travel is cancelled. Up to today, Fagerhult see no significant effect as a result and we continue to monitor the situation in all of our markets and follow decisions and recommendations from local authorities and national governments.
The underlying business activity is so far not affected by Covid-19 and the organic order intake is positive compared to last year for the first ten week period of the year. This is across many markets and companies. However, so far deliveries are slightly lower than last year and two events affect our earnings in the period.
Due to Covid-19, Messe Frankfurt has decided to postpone the Light & Building exhibition, originally scheduled to take place this week, now rescheduled for the autumn. The rescheduled timing does not suit Fagerhult and our participation is cancelled for this year. This results in a one-off additional cost of approximately 20 MSEK in the first quarter.
As previously communicated, there has been challenges regarding implementation of a new ERP-system at our recently acquired iGuzzini business in Italy. The challenges have been dealt with and closed out, and this is regarded as an isolated and now corrected event. The situation did, to some extent, affect our earnings in the period.
This information is inside information that AB Fagerhult (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication, through the agency of the contact persons set out below, at 14:30 CET on March 13, 2020.
Habo March 13, 2020
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Fagerhult is one of Europe’s leading lighting groups with approximately 4,700 employees and operations in more than 28 countries. We create modern products and exciting, energy-efficient and environmentally-adapted lighting installations, successfully integrated into their individual environments. The Group includes such strong brands as Fagerhult, iGuzzini, Ateljé Lyktan, LTS, Whitecroft Lighting, Designplan Lighting, Eagle Lighting, I-Valo, Arlight, Lighting Innovation, LED Linear, WE-EF and Veko. AB Fagerhult is listed on the Nasdaq Nordic Exchange in Stockholm.