It has been a testing start for week for investors in Finnish small cap tech companies. On Tuesday Incap (HEL: ICP1V) amended its revenue estimate from an increase compared to last year’s 68.9 million Euros to a decrease as it has lost a a tendering process for certain equipment deliveries to Raha-automaattiyhdistys (Finland's Slot Machine Association) that had previously been giving it a sizeable revenue source. The company had also been hoping that most of the works it has been getting previously for Helsinki factory would continue despite closing production and moving it to factory in Estonia. This will not happen in the amount estimated earlier by the company.
Incap’s liquidity situation has been critical but it managed to renegotiate its most pressing loans a few weeks ago as it had been guiding for, improving the picture. The company plans to however launch a share issue later on this year to redeem a convertible loan. It would be important for the company to start getting some returns from its investments into new products. The company says that it still expects full-year 2012 result to be positive as relative profitability is improving. Energy efficiency related products are selling well and should continue to do so.
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