EAB Group Plc, Company Announcement, 18 December 2018, 10:30 a.m. (EET)
EAB Group Plc: Elite Alfred Berg lowers its economic outlook 2018
In connection with the half-year report on 24 August 2018, EAB Group Plc (the Company) estimated, according to the information available at the time of the report, that EAB Group's EBITDA (operating margin) would amount to approximately EUR 5 million in 2018. Due to the reasons specified below, the Company will remain from the estimation by around EUR 1-1.5 million and the operating margin in the financial year 2018 shall be around EUR 3.5 million.
The reasons for the weaker operating margin relate mainly to unrealized or delayed consultation fees in corporate finance arrangements in corporate services business area; the costs related to unimplemented M&A transaction; the costs related to transition to IFRS reporting; and the direct impact of market uncertainty to the sales and AUM in the latter part of autumn.
On 30 November 2018, the Company announced the transition to IFRS reporting. According to the Company's expectations, the updated estimate of the economic outlook for the financial year 2018 corresponds approximately EUR 1,8 million EBIT reported in accordance with IFRS.
The Company expects however that the lowered estimate mentioned above will not affect the Company's profit making capabilities in the medium term. The Company will announce its economic outlook for financial year 2019 in the 2018 financial statements bulletin on 28 February 2019.
EAB GROUP PLC
Board of Directors
EAB Group Plc
Daniel Pasternack, CEO
+358 50 569 3416
Kari Juurakko, Chairman of the Board
+358 50 582 7411
Certified Advisor Merasco Ltd
Telephone: +358 9 6129 670
This announcement contains information that EAB Group Plc must publish according to Market Abuse Regulation (MAR). The announcement was released for publication on 18 December 2018 at 10:30 a.m. (EET) by the abovementioned persons.
EAB Group offers versatile and high-quality asset management services for private investors, institutions and professional investors. The Group's parent company EAB Group Plc is listed on the First North Finland market maintained by Nasdaq Helsinki Oy (Helsinki Stock Exchanges). EAB Group uses the name Elite Alfred Berg as its marketing name. The Group companies include EAB Asset Management Ltd offering asset management activities, and EAB Fund Management Ltd acting as a fund company and authorised alternative investment fund manager. The Groups' customer base consists of individuals and corporations that are served nationwide in 14 different locations. The Group employs more than 100 investment professionals, and over 25 tied agents provide its services. On behalf of its clients, the Group manages assets of over EUR 3 billion in total. Check out EAB Group's services at www.eabgroup.fi.
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