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© ingrid prats dreamstime.com Electronics Production | July 21, 2015

3W Power updates Q2 performance

3W Power S.A. the holding company of AEG Power Solutions Group, saw its second quarter revenues grow by 19% from EUR 38.4 million in Q1 to EUR 45.7 million
"We are building up opportunities in our core industrial markets as we strengthen our vertical market focus both organizationally and with new product developments," the company writes in a press release.

Normalized EBITDA for the Group improved from Q1 and will be closer to break even for the second quarter. Normalized EBITDA for the industrial business has reached break-even. The Group cash position at June 30 was at EUR 23.5 million. A part of that will be used to fund restructuring expenses.

The ongoing business transformation is on track. The Company continues to upgrade and improve key personnel with recent additions in leadership for global service and product management. Efforts to improve processes as well as performance will enable the Group to achieve further cost improvements with expected annual savings of roughly EUR 10 million already to be achieved in the next three quarters. This involves further headcount reduction of between 120 and 150 people.

Based on the current run rate of order intake, the Group expects full fiscal year 2015 revenue to be approximately EUR 180 million. The revised outlook reflects focus on core activities with discipline to pursue profitable revenue versus loss making volume.

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