LANDSBERG AM LECH (dpa-AFX) - Professional kitchen specialist Rational AG (RTLLF.PK) Thursday reported that its preliminary sales revenues for fiscal 2020 were 650 million euros, down 23 percent from 844 million euros in the prior year. Sales declined 22 percent on a currency adjusted basis.
Rational noted that the decrease in sales was due to the worldwide protection measures in connection with the coronavirus crisis, which had a negative impact on most customer groups. Following a significant decline in sales revenues in the second quarter of 43 percent compared with the prior-year quarter, the situation recovered perceptibly in the third and fourth quarters.
'However, due to the continuing restrictions for our customers, our sales revenues remained around 21 percent below the figures for the previous year in both the third and fourth quarters,' said Dr Peter Stadelmann, CEO of Rational AG.
The company forecast full-year earnings before financial result and taxes or EBIT of just under 107 million euros, lower than 231 million euros last year. This equates to an expected EBIT margin of 16.4 percent, down from 26.5 a year ago.
Looking ahead, Rational said that due to the exceptionally healthy balance sheet, the good liquidity position, the strong position in the market and the newly launched cooking systems in 2020, its Executive Board believes that the company is well-placed to resume its successful growth path in fiscal year 2021.
Rational will publish a detailed outlook on expected business development, final group earnings for fiscal year 2020 and the proposed dividend on March 24, 2021.
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