Brief: Lumi Cost Base Reduced In H1, Mixed Market Developments

Lumi Education AS

16/08/2023 07:59

Aug 16 (Reuters) - Lumi Gruppen AS  LUMI.OL :
    * COST PROGRAMMES ON TRACK WITH A TOTAL OF NOK 40 MILLION IN
SAVINGS FOR FIRST HALF OF 2023
    * ON COST PROGRAM: ADDITIONAL NOK 10 MILLION IN ANNUAL
SAVINGS
WITH EFFECT FROM SECOND HALF OF 2023
    * POSITIVE TREND CONTINUES FOR ONH UNIVERSITY COLLEGE. WHICH
BECOMES CO'S MOST SIGNIFICANT OPERATING SEGMENT
    * POST-COVID DRIVEN MARKET SETBACK CONTINUED TO AFFECT
PRIVATE
CANDIDATE BUSINESS IN SONANS NEGATIVELY
    * BASED ON STUDENT INTAKE FOR SONANS, MORE COST MEASURES ARE
BEING
PREPARED FOR IMPLEMENTATION IN Q3
    * OUTLOOK: REVENUE IS EXPECTED TO END IN RANGE OF NOK
225-235
MILLION FOR ONH FOR SCHOOL YEAR 2023/2024
    * OUTLOOK: REVENUE TO END IN RANGE OF NOK 165-180 MILLION
FOR
SONANS FOR SCHOOL YEAR 2023/2024
    * PROFITABILITY FOR SONANS IS EXPECTED TO BE WEAK IN
2023-2024
SCHOOL YEAR

Source text for Eikon:  ID:nObiGlpFpa 
Further company coverage:  LUMI.OL 

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