OTI Greentech AG Reports Audited Consolidated Earnings Results for the Full Year of 2016 and Preliminary Earnings Results for the First Quarter of 2017; Provides Earnings Guidance for the Full Year of 2017
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.