Taking action to address the changed market sentiment
STOCKHOLM, Sweden - Nepa, a leading consumer research and analytics company, providing insight solutions to strengthen brands and drive sales by increased marketing effectiveness, is taking steps to address the increased uncertainty due to the corona virus.
Nepa has decided to reduce the working hours for just over 120 employees in Sweden and Finland. Nepa will apply for government financial support to compensate for a significant part of the costs of retaining these employees. In Finland it means reduction of working time and salary. Furthermore, pay cuts of at least 20 per cent are introduced in many parts of the group. The corresponding pay cut has already been introduced for all members of the global management team. The planned measures are expected to reduce personnel costs with approximately SEK 35 million on an annual basis as of the second quarter 2020.
"Additional actions may be taken if need be. I regret that we have to take these measures and at the same time I hope for understanding as market conditions have changed dramatically in a short time. The Corona crisis means that we are forced to act with determination and prepare for a changed market sentiment", says P-O Westerlund, CEO of Nepa.
Nepa has a fundamentally stable market position with recurring revenue of over 60 percent of total sales. The actions are not expected to affect Nepa's ability to meet its commitments to its customers. In total, Nepa has about 270 employees, of which about 140 in Sweden.
For more information, please contact:
P-O Westerlund, CEO
p-o.westerlund@nepa.com
+46 706 404 824
This information is information that Nepa is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 16.00 p.m. CET on April 7, 2020.
Every care has been taken in the translation of this press release. In the event of discrepancies, however, the Swedish original will supersede the English translation.
About Nepa
Headquartered in Stockholm, with offices in Norway, Finland, Denmark, UK, USA, and India, we help some of the world's most reputable brands in more than 50 countries to optimize customer experience investments and get more effect out of their marketing and sales. Nepa has won the Swedish business newspaper Dagens Industri’s Gasell award six times since 2011 for its rapid organic growth. The company is publicly traded at the Nasdaq First North Growth Market stock exchange since 2016. Erik Penser Bank (tel: +46 8-463 83 00, e-mail: certifiedadviser@penser.se) is Nepa’s Certified Adviser.