Lehto Group Plc
3 February, 2020 at 9.40 a.m. (EET)
Preparation of Lehto’s 2019 financial statements is still ongoing but according to the unaudited 2019 accounts the net sales declined by 7,5% to approximately 667 million euros and operating loss was approximately -42 million euros.
On fourth quarter the net sales were approximately 270 million euros and operating profit was at the level of zero.
Outlook published in January-September business review report on 7 November 2019 was:
Lehto estimates that the Group’s net sales in 2019 will be lower than in 2018 (2018 net sales EUR 721.5 million). Although the company estimates its fourth-quarter operating profit to be positive, the second-half operating profit is expected to be negative due to the third-quarter operating loss (operating loss January-June 2019 EUR -27.5 million).
Outlook for 2020
Lehto estimates that the Group’s net sales in 2020 will be approximately 10 % lower than in 2019 and that operating result is positive.
The net sales outlook is based on estimation of decelerating housing market and declining volume in Lehto’s school and care home business. Volumes in business premises are estimated to remain at the level of previous year.
The operating profit outlook is influenced by ending of loss-making complete renovation projects and other single loss-making projects as well as estimated positive effects of restructuring activities that were started in 2019 and are still being executed.
Lehto will publish its 2019 financial statement bulletin according to earlier given schedule on 20 February 2020.
For further information, please contact:
Lehto Group Plc
Veli-Pekka Paloranta, CFO
tel. +358 400 944 074