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Festi hf: Forecast updated based on preliminary accounts for Q2 2021

Written by Customer Service on . Posted in Public Companies.

According to preliminary management accounts for Q2 2021, EBITDA will be ISK 2.5 billion compared to ISK 1.7 billion for the same period last year which is an increase of ISK 0.8 billion YoY.  The results of Q2 2021 is higher than expected for N1, ELKO and Krónan but the effects of COVID-19 pandemic had also a significant negative effect on Q2 2020 in comparison.  

In light of Q2 2021 better results and management updated outlook for the rest of year, EBITDA forecast for the year 2021 is increased by ISK 900 million to ISK 8.800 – ISK 9.200 million.  Capital gain from sale of properties announced on 30th of June 2021 is not included as approval from public bodies and outcome of due diligence is still pending.

The Financial Statement for Q2 2021 will be published on 28 July and on 29 July, Festi will host a meeting for investors and shareholders at 8:30 in the morning on Dalvegi 10-14, 3rd floor.

Further information will be given by Eggert Kristófersson, CEO, (eggert@festi.is) and Magnús Kr. Ingason, CFO, (mki@festi.is)

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