Instone Real Estate Group AG / Key word(s): Forecast
Instone suspends financial year 2020 earnings guidance, medium-term outlook confirmed, preliminary Q1 results as planned
Instone Real Estate Group AG's ("Instone") Management Board suspends its forecast for financial year 2020 due to the significant uncertainties associated with the COVID-19 pandemic. While construction activity at Instone is progressing as planned, Instone is currently observing a slow down in customer sales contracts associated with the COVID-19 pandemic.
Based on the preliminary (unaudited) figures for Q1 2020, Instone has started into the 2020 financial year in line with its projections. Accordingly, adjusted group revenues* of EUR 99.7m and adjusted group EBIT* of EUR 18.0m are both exceeding previous year's level (Q1-2019: Adjusted group revenues EUR 84.2m, adjusted group EBIT EUR 15.7m). The adjusted gross profit margin for the past quarter amounts to 29.8%.
Regarding the financial years 2021 and 2022, Instone management confirms its previously communicated mid-term adjusted revenue targets (2021: EUR 900m to EUR 1 bn.; 2022: > EUR 1 bn.).
For 2021, Instone also expects an adjusted net income* at group level of at least EUR 90.0m.
The quarterly statement for Q1 2020 will be published as scheduled on May 28, 2020.
* The definitions of the alternative performance measures mentioned in the notification can be found in the glossary on the company's website under http://ir.de.instone.de/websites/instonereal/English/3400/glossary.html
Instone Real Estate Group AG
|Company:||Instone Real Estate Group AG|
|Phone:||+49 201 453 550|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1038961|
|End of Announcement||DGAP News Service|