Tieto Enato misses profit target
The Local · 13 Apr 2006, 11:43
Published: 13 Apr 2006 11:43 GMT+02:00
Operating profits during the period were €30 million, representing operating margins of around 7 percent. The company had predicted margins of 8-11 percent. Turnover grew by 8 percent. Three percent was from organic growth, while five percent was due to takeovers of other companies. Organic growth was lower than expected.
The company’s preliminary figure for total turnover was €440 million.
“The lower growth and profitability are mainly due to certain projects that have developed more weakly than expected and to higher restructuring costs than expected,” the company wrote in a statement.
The company will publish its quarterly report on 27th April.