euro adhoc: GFT Technologies AG
Layoffs & Downsizing
GFT experiences decline of orders and reduces costs to maintain profitability (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Having analyzed the orderbooks in detail, GFT Technologies AG experiences a structural decline of orders, which is attributable to a fundamental investment restraint by companies from all industrial sectors and to a massive price pressure. In order to increase capacity utilization and to adjust the company group to suit the current orders position, the GFT Group will reduce workforce by 100 to 120 employees by the end of the year. This represents approximately 10 % of the overall capacity. The Executive Board has adjusted the revenues and profit forecasts for 2002. With revenues of Euro 165m. - whereof Euro 115m. are related to the project business and Euro 50m. to the freelance operations by the recently separated emagine gmbh - the GFT Group should achieve a balanced EBITDA result for the current financial year.
For analysts there will be a conference call today from 11.00 to 11.30hrs CET. The access code can be requested for at +49-6196-969-2634.
Contact: Sandra Strüwing, Director Corporate Communications, GFT Technologies AG, Leopoldstraße 1, D-78112 St. Georgen, T: +49-7724-9411-423, F: +49-7724-9411-883, M: +49-173-7085834, sandra.struewing@gft.com
end of announcement euro adhoc 19.07.2002
Further inquiry note:
Frau Strüwing Sandra
Branche: Software
ISIN: DE0005800601
WKN: 580060
Börsen: Baden-Württembergische Wertpapierbörse / free trade
Bayerische Börse / free trade
Berliner Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Bremer Wertpapierbörse (BWB) / free trade
Hamburger Wertpapierbörse / free trade
Niedersächsische Börse zu Hannover / free trade
Frankfurter Wertpapierbörse / Neuer Markt