Transcendent Group to close its German business
Transcendent Group has decided to close its business in Germany due to low demand and limited possibilities to achieve profitability. By closing the business, the company can turn its focus to markets where the growth opportunities are assessed to be stronger. The closure is expected to have a total negative result impact of approximately SEK 2.5 million during the third and fourth quarter of 2020.
Transcendent Group’s German business was started in July 2019 and currently has 4 employees. Due to the short history, it has not yet reached any significant revenue levels. The company also makes the assessment that the outlook in Germany is highly uncertain due to the ongoing Covid-19 pandemic.
”Early on in the pandemic, we took measures to ensure profitability and liquidity. The measures have had the desired effect, with Germany as an exception where we unfortunately have experienced a very low demand and difficulties to achieve profitability. Transcendent Group is built on an entrepreneurial mindset and flexibility, and sometimes we must make hard decisions. By closing the German business, we can turn our full focus to other markets where we see stronger growth opportunities”, says Martin Malm, CEO of Transcendent Group.
For further information, please contact:
Martin Malm, CEO Transcendent Group
Martin.Malm@transcendentgroup.com
+46 73 335 94 26
This is information that Transcendent Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was sent for publication, through the agency of the contact person set out above, on 30 September 2020 at 13:30 (CET).
About Transcendent Group
At Transcendent Group you will meet experienced consultants in Governance, Risk and Compliance. Transcendent Group’s services provide security and opportunities for government agencies, businesses and other organizations in a variety of industries. The company was established in Stockholm in 2001 and has from the start built a differentiated offering based on a value-driven culture with experienced experts. Transcendent Group has been ranked as one of Europe’s, Sweden’s and Norway’s best workplaces in 2020 and has been a Great Place to Work since 2012. Transcendent Group has approximately 130 employees in 8 markets across Europe. Transcendent Group is listed on Nasdaq First North Premier Growth Market. The company’s Certified Adviser is Avanza Bank, +46(0)8-409 421 20, corp@avanza.se. For more information, visit www.transcendentgroup.com