Negative impact of Covid-19 on Opus
The Covid-19 outbreak is affecting Opus operations, and there is a considerable risk of a material impact on the Group’s financials. Opus is taking steps to minimize the impact on the Group.
In recent days, a number of government authorities around the world have introduced measures resulting in a material reduction of inspection volumes, including the temporary suspension of vehicle inspection programs. Opus has introduced cost reduction measures to partially mitigate such volume reduction. Overall, management believes there is a considerable risk that this will have a material negative effect on Opus financials, while due to uncertainties not possible to adequately assess.
Gothenburg, April 8, 2020
Opus Group AB (publ)
This is information that Opus Group AB (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 herein, at 07:30 CEST on April 8, 2020.
For additional information, please contact:
Lothar Geilen, CEO
Tel: +46 31 748 34 00
E-mail: lothar.geilen@opus.se
Linus Brandt, CFO & Executive Vice President
Phone: +46 722 44 09 05
E-mail: linus.brandt@opus.se
About Opus
Opus is a technology-driven growth company in the vehicle inspection and intelligent vehicle support markets. The company has a strong focus on customer service and innovative technology within emission and safety testing and intelligent vehicle support. Opus had approximately SEK 2.7 billion in revenues in 2019 with solid operating profit and cash flow. Opus’ goal is to reach an annual revenue growth of 5-10 percent, through organic and acquisitive growth based on 3-year CAGR, and an EBITA margin of 15 percent. The majority of the growth is estimated to come from the international expansion of the vehicle inspection business, with a primary focus on the Latin American and Asian markets, and the expansion of the intelligent vehicle support business. With approximately 2,600 employees, Opus is headquartered in Gothenburg, Sweden. Opus has 36 regional offices, 26 of which are in the United States and the others in Sweden, Argentina, Chile, Mexico, Peru, Pakistan, United Kingdom, Spain and Australia. Opus has production facilities in the U.S. in Hartford, Ann Arbor and Tucson. The shares of Opus Group are listed on Nasdaq Stockholm.