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| Zumtobel notes signs of easing in tense market environment On completion of the first half of the 2009/10 financial year (May - October), the Zumtobel Group based in Dornbirn, Austria noted the first signs of an easing in the tense market environment. In the first six months of the current financial year, the international lighting group posted revenues of EUR 572 million, which equates to a decline of 10.8% over the comparable prior year period (EUR 641.1 million). Adjusted for negative foreign exchange effects, above all due to the weak British Pound, revenues were down by 9%. An analysis of the declines in percent compared with earlier quarters indicates an easing in the downward trend: While first-quarter revenues showed a downturn of 10.2% after adjustment for foreign exchange effects, in the second quarter the similarly adjusted fall in revenues amounted to just 7.8%. In view of the tense economic situation and limited forward visibility, the Management Board's outlook remains highly uncertain. Due to the late cyclical nature of the company's business – lighting being one of the last items to be installed in any new building – the Management Board is assuming that the Zumtobel Group will only reach the low point of the crisis in 2010. write your comments about the article :: © 2009 Construction News :: home page |