Insider information, profit warning: Wetteri Plc lowers its financial guidance for the current year
Wetteri Plc Insider Information 23 August 2024 at 16.05
Wetteri Plc lowers its financial guidance for 2024. Wetteri's previous guidance included mergers and acquisitions with profit and revenue effects. Realization of profit and turnover effects from M&A transactions is postponed in time. The performance of Wetteri's operations has been affected by the historically weak and more difficult than expected market situation for new cars: the first registrations of new cars in 2024 will be around 75,000 cars, while in the spring the forecast was about 80,000 new passenger cars.
Previous guidance issued on 19th December 2022
Revenue EUR 660-800 million
Adjusted profit EUR 19-23 million
The company’s medium-term (3 years) objective is to achieve a revenue of EUR 1,000 million and profit of EUR 30 million.
New financial guidance for 2024
Revenue EUR 520 – 640 million
Adjusted profit EUR 12.8 – 15.6 million
The company’s medium-term (3 years) objective is to achieve a revenue of EUR 1,000 million and profit of EUR 30 million.
Wetteri’s growth strategy has not been changed and Wetteri will continue to promote acquisitions. Wetteri has launched a programme to improve the profitability of its operations and to cut costs. The programme includes the reorganisation of activities and the dismantling of overlaps, as well as the adjusting the use of labour. In addition, the use of premises has been enhanced. With new brand representations, organic growth is expected. The automotive industry predicts a 10% increase in new car registrations for 2025.
Wetteri will publish its Interim Report for January-June 2024 on 28th August 2024.
Additional information:
Aarne Simula, CEO and President, Wetteri Plc
Tel. +358 400 689 613, [email protected]
Panu Kauppinen, CFO, Wetteri Plc
Tel. +358 44 236 3740, [email protected]
Wetteri Plc – an entrepreneur-driven growth company in the automotive sector
Wetteri Plc is an entrepreneur-driven growth company in the automotive sector. The company engages in the retail sales of passenger cars, commercial vehicles and heavy vehicles, and produces maintenance and repair shop services for vehicles, from passenger cars to heavy vehicles. Headquartered in Oulu, the company has 50 locations in Finland. The company employs nearly 1,000 people, of whom around 70% work in maintenance and repair services. Wetteri promotes digitalisation in the automotive sector and is an important player on the common journey towards emission-free motoring. More information: sijoittajat.wetteri.fi/en/