Wolford’s chair quits as annual EBITDA losses reach 3.39 mn euros

Wolford revenues for the 2016/17 financial year fell by 5 percent or 4.1 percent adjusted for currency effects to 154.28 million euros (180 million dollars). EBITDA loos amounted to 3.39 million euros (3.97 million dollars) compared to a profit of 8.38 million euros (9.82 million dollars last year, while EBIT totalled 15.72 million euros (18.43 million dollars).

Meanwhile, Dr. Antonella Mei-Pochtler, chairwoman of the supervisory board of Wolford has announced her decision to quit the company with immediate effect.

Wolford anticipates slight revenues growth for FY17/18

In the first three months of the current financial year (May to July 2017), Wolford added that it succeeded in raising revenue by about 3 percent adjusted for currency effects. However, management only plans to generate slight revenue growth in the current 2017/18 financial year compared to the previous year.

A time frame of two years has been designated for implementing the planned restructuring measures. These measures are expected to first take full effect starting in the 2018/19 financial year. Against this backdrop, Wolford still expects negative operating earnings in the current 2017/18 financial year, and positive operating earnings again starting in the 2018/19 financial year.

Mei-Pochtler served as the chairwoman of the supervisory board of Wolford AG since September 18, 2014. The company announced that until the day of the annual general meeting the deputy chairwoman of the supervisory board, Claudia Beermann has assumed the chair of the supervisory board. The new chair will be elected at the next supervisory board meeting following the annual general meeting on September 14, 2017.

Picture:Wolford website