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Nordex reduces forecast for 2017

GERMANY: Manufacturer Nordex said revenues in 2017 will be lower than expected, following a review of its budgets.

Nordex said reduced business in core markets would cause a fall in revenue
Nordex said reduced business in core markets would cause a fall in revenue

Shares in the company fell approximately 35% after announcing revenues in 2017 should be between €3.1-€3.3 billion, down compared to 2016's expected total.

Nordex will announce its financial results for 2016 on 1 March, where it is to announce revenue of approximately €3.35 billion.

The firm said the fall in revenues was due to "reduced expectations for businesses in certain core markets".

However, the manufacturer said the Ebitda margin for 2017 is "expected to remain almost stable" with 2016 at around 8.3%.

For its medium-term 2018 forecast, Nordex is targeting revenue for €3.4-€3.6 billion, with the synergies from its Acciona Windpower acquisition in 2016 making more of an effect.

Shares in the company on the Frankfurt Stock Exchange fell from €19.63 per share on 23 February, before the announcement to a low of €12.54 early Monday 27 February

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