Efore's Q1: disappointing sales and layoffs

Efore will start a profitability and efficiency improvement program – in order to reduce annual cost base with at least EUR 1.5 million by the end of the year. As part of the program Efore will commence labor negotiations with its entire personnel at all of it's locations. According to a preliminary estimate, a reduction of 75 employees at the most will be required – of which 15 at the most from Finland Though the drop in the telecommunications sector left Efore with a weak Q1, sales within the industrial sector was in line with the company's expectations. Net sales within the industrial sector was slightly higher than during the same period of 2012, reaching EUR 4,3 million compared to 4 million. However, net sales withing the telecommunications sector went down to EUR 9,4 million during Q1 of 2013, from 10,8 million during the same period last year. “Although the long term outlook is positive, due to the uncertainties in the global economy combined with the telecom market fluctuation and customers’ ordering practices it is not possible to provide a reliable financial estimate for the fiscal year 2013. However, based on the available information company estimates its net sales to be on the same level with previous year”, the company writes in a statement.