Lighting maker Zumtobel reports second-quarter loss, weak UK business weighs
Reuters
Published Dec 05, 2017 07:57
Lighting maker Zumtobel reports second-quarter loss, weak UK business weighs
VIENNA (Reuters) - Austrian lighting maker Zumtobel (VI:ZUMV) reported a second-quarter loss on Tuesday due to increased pricing pressure, a weak UK performance and higher warranty provisions.
It fell to a net loss of 2 million euros ($2.37 million) for the three months through October from a profit of 15 million a year earlier.
Revenue fell 10.1 percent to 307.3 million euros, hurt partly by a stronger euro versus the British pound and the Swiss franc, the group said.
Revenue in northern Europe, which includes Zumtobel's largest single market Britain, fell 26.2 percent. Its British lighting unit saw revenue fall by nearly 35 percent, Zumtobel said.
The group, whose business lines range from electronic components to large lighting installations, operates three sites in Britain: a lighting plant and a components facility in Spennymoor in northeast England and a production site close to Manchester.
Zumtobel confirmed its recently lowered forecast and still expects adjusted earnings before interest and tax to reach 50-60 million euros and revenue to fall about 5 percent in its 2017/18 financial year.
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Written By: Reuters
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