Inside information, profit warning: Wulff lowers its guidance for 2023
INSIDE INFORMATION | OCTOBER 16, 2023 AT 7.00 P.M.
Wulff Group Plc adjusts its financial guidance regarding the year 2023. The company now expects net sales and comparable operating profit (EBIT) to decrease clearly from the previous year. Previously, the company expected net sales (2022: EUR 102.2 million) and comparable operating profit (2022: EUR 4.0 million) to increase from the comparison period.
New guidance for 2023
Wulff expects comparable operating profit to decrease clearly compared to 2022 (2022: EUR 4.0 million).
Previous guidance for 2023 (published on February 20, 2023, repeated on July 17, 2023)
Wulff expects that net sales (2022: EUR 102.2 million) and comparable operating profit (2022: EUR 4.0 million) will increase compared to 2022
Rationale for updating guidance
The rationale for updating the guidance is especially due to the decline in net sales and profitability of the company's international exhibition and remote studio business, as well as the decline in net sales and profitability of the company’s printing and document management services in Finland. Also, the tightening of the general economic situation has affected the group's operations.
Wulff has launched an operational programme to increase sales and improve profitability. As part of the programme, the company decided in autumn 2023 on changes in the management and organization of the international exhibition service business. Skandinavian Expertise Sales was sold to its minority owners. Wulff has and continues to implement the operational programme to increase sales, make operations more efficient and improve profitability in all its businesses. The profitability of Finland's workplace product and service businesses is expected to improve during 2024, when the operations and systems of the acquisition of Staples Finland Oy have been combined as planned.
Wulff Group Plc will release the January-September 2023 Interim Report on Monday October 23, 2023.
In Espoo on October 16, 2023
WULFF GROUP PLC
BOARD OF DIRECTORS
Further information:
CEO Elina Rahkonen
tel. +358 40 647 1444
e-mail: elina.rahkonen@wulff.fi
DISTRIBUTION
Nasdaq Helsinki Oy
Key media
www.wulff.fi/en
A better world - one workplace at a time. We enable better and more sustainable work environments and a perfect working day. We make the workplace where you do your work. Here you can find today's workplace products: e.g. cafe supplies, real estate and cleaning maintenance products, office and IT supplies, ergonomics, first aid, hygiene, protection and safety products, air purification and innovative products for construction sites. Our selection also includes high-quality Canon printing and document management services as well as financial management services. Our customers also purchase international exhibition services and solutions for remote meetings from us. It is important for us to constantly develop our product range to be more and more sustainable and our customer experience to be the best in the field. In addition to Finland, Wulff Group operates in Sweden, Norway, and Denmark. Read more at wulff.fi/en.