DGAP-News: Weng Fine Art AG is raising forecast for 2012 yet again: earnings per share will increase by more than 90 %
(firmenpresse) - DGAP-News: Weng Fine Art AG / Key word(s): Change in Forecast
Weng Fine Art AG is raising forecast for 2012 yet again: earnings per
share will increase by more than 90 %
22.06.2012 / 08:00
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PRESS RELEASE | 22 JUNE 2012
Weng Fine Art AG is raising forecast for 2012 yet again: earnings per share
will increase by more than 90 %
Weng Fine Art AG (WFA) is yet again undertaking a major upward revision of
its earnings forecast for the current financial year. Following on from the
strong performance of the first quarter continuing into May/June, an
increase in revenues of at least 30% is expected for the full year.
As this boost in turnover can solely be attributed to higher average price
per sale, earnings will experience an even stronger growth: EBIT forecast
has been raised from EUR 1.2 million to EUR 2.0 million. The company
currently reckons on achieving earnings per share of at least EUR 2.90,
which would equate to a 90% increase compared to the previous financial
year (EUR 1.53).
'Although the art market is a long way off from the boom of 2006/07 we are
able to scale our business model a lot more quickly and powerfully than
initially anticipated' is how CEO Rüdiger K. Weng comments on the bar being
raised with respect to business goals. He emphasises that to date the
gradual penetration of the higher mid price segment (with prices of works
ranging from EUR 20,000- 100,000) has not reduced Weng Fine Art's large
profit margins: 'Unless the global economy and the financial markets
undergo a dramatic collapse in the second half of the year we may even
surpass last year's gross margin of 76%'.
ABOUT WENG FINE ART AG
Weng Fine Art AG (www.wengfineart.com) is one of the fastest-growing,
internationally active art traders on the European continent. The company
uses a B2B model, focusing on trading more than 500 blue chip artists from
the 20th century. Important clients are, beside others, Sotheby's,
Christie's and Phillips. The retail market is served by its 100% subsidiary
Weng Fine Art Editions GmbH that offers worldwide on various platforms,
multiple works of art by some of the most important contemporary artists.
Weng Fine Art AG shares are traded on the Frankfurt Stock Exchange (Entry
Standard) since 2 January 2012.
CONTACT DETAILS
Weng Fine Art AG
Rüdiger K. Weng, CEO
Kimplerstrasse 294 | D-47807 Krefeld
Telephone +49(0)2151 93713-0 | Fax+49(0)2151 93713-29
E-mail weng(at)wengfineart.com | Internet www.wengfineart.com
End of Corporate News
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