FORTEC Elektronik AG Adjusts Financial Forecast for 2023/2024

FORTEC Elektronik AG has revised its turnover and earnings forecast for the 2023/2024 financial year. Preliminary figures indicate that the company will not match last year's turnover and earnings due to challenging economic conditions and rising costs.

In the first nine months of the 2023/2024 fiscal year, group turnover reached approximately EUR 70.0 million, down from EUR 78.5 million in the previous year. Earnings before interest and taxes (EBIT) were around EUR 5.6 million, compared to EUR 8.5 million the prior year.

The management board now projects a group turnover between EUR 95.0 and 100.0 million, lowered from the previous forecast of EUR 106.0 to 116.0 million. Group EBIT is anticipated to range from EUR 7.0 to 9.5 million, reduced from the earlier estimate of EUR 9.5 to 11.0 million.

An announcement detailing the third quarter of 2023/2024 will be published on 29 May 2024 on the FORTEC Elektronik AG website.