OTI Greentech AG reported audited consolidated earnings results for the full year of 2016 and preliminary earnings results for the first quarter of 2017. For the year, compared to the 2015 reporting period revenues in 2016 were up by 41% to EUR 8.8 million. Irrespective of this increase, the income lagged OTI Greentech's expectations for reasons including delays in taking over Uniservice Unisafe S.r.l. and the conclusion of the strategic alliance agreement with KMI Cleaning Solutions Inc. In addition, income that had been forecast for this year from projects at the subsidiary VTT Maritime in Norway and West Africa failed to materialise. LBITDA (loss before interest, taxes, depreciation and amortisation) totaled EUR 2.67 million compared to an EBITDA loss of EUR 2.25 million in the 2015 reporting period. The negative EBITDA to a large extent results from the revenue target not being met.

For the first quarter, the group recorded revenues up by around 40% to EUR 3.1 million according to preliminary calculations, and also balanced EBITDA. Important advances in the group's operating business as well as cost savings as a result of making the group's structure leaner and optimising this structure by merging the Swiss companies had a positive impact in the second half of fiscal 2016 as well as in first quarter of 2017. As a result of the activities implemented in 2016, OTI Greentech has created a group structure which allows the company to address its markets and customers even more efficiently.

The company provided earnings guidance for the full year of 2017. After the excellent start to fiscal year 2017 and the activities and transactions already implemented, OTI Greentech is forecasting a significant improvement in its operating result in 2017. The group is forecasting slightly positive EBITDA in 2017 with revenues of EUR 16 million.