Brief: Asetek Updates 2024 Outlook & Initiates Cost Saving Program

Asetek A/S

01/07/2024 16:17

July 1 (Reuters) - Asetek A/S  ASTK.CO :
    * ASETEK UPDATES 2024 OUTLOOK AND INITIATES COST SAVING
PROGRAM
    * GROUP REVENUE IS EXPECTED IN RANGE OF $52-55 MILLION, WITH
AN
ADJUSTED EBITDA MARGIN OF 1-4% FOR 2024
    * : PRELIMINARY Q2 2024 REVENUE OF $13 MILLION
    * INITIATED MEASURES THAT ARE EXPECTED TO YIELD ANNUAL COST
SAVINGS OF APPROXIMATELY $3 MILLION WITH FULL EFFECT FROM Q1 OF
2025
    * AGREEMENT ON AN EXTENSION OF EXISTING FINANCING AGREEMENT
AND
UPDATED COVENANTS WITH COMPANY'S BANK
    * MEASURES INCLUDE REMOVAL OF ABOUT THIRTY FULL-TIME
POSITIONS
ACROSS ORGANIZATION, THREE OF WHICH ARE IN GROUP MANAGEMENT TEAM
    * WILL ALSO SCALE DOWN US OPERATION TO AN ABSOLUTE MINIMUM

Source text for Eikon:  ID:nWkr5twPY7 
Further company coverage:  ASTK.CO 

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