Financial results: Weak growth in first quarter

In the first quarter of the fiscal year 2016/2017 sales grew by 1% in DKK (2% in local currencies) in the first quarter of the fiscal year 2016/17, corresponding to a turnover of DKK 557 million and an EBIT of DKK 76 million.

Sales in the first quarter amounted to 557 million versus 554 million in the same period last year, corresponding to an increase of 1 % in DKK (2% in local currencies). The sales development was positive during the first month of the quarter, but stagnated and subsequently decreased. 

If we take a look at our main markets, our revenue in Denmark was on a par with the same quarter in 2015, while our revenue in Sweden was 1% (1% in local currencies), -2% (5% in local currencies) in Norway and 3% (9% in local currency) in other countries.

On August 24th 2016 Flügger decided to adjust the financial outlook for the full year, and now expects a revenue of DKK 1.850 billion and an EBIT of DKK 40-50 million. 

Jimmi Mortensen, CEO of Flügger A/S, comments:

"The first quarter of the fiscal year is of great importance to Flügger, as May, June and July is our peak season. In the light of this, 1% growth, is not a satisfactory result. We have recently strengthened our Executive Board and made a number of organisational changes to reduce our organizational complexity, ensure that we utilise our internal synergies in the best possible way, and create efficient processes throughout our value system. Our long-term ambition is to create sustainable growth, and our primary focus will therefore, as previously announced, be to deliver an EBIT of 8-10 % ."