DGAP-News: Weng Fine Art AG / Key word(s): Development of
Sales/Miscellaneous
Weng Fine Art AG sales jump in first half of 2015
15.07.2015 / 09:00
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PRESS RELEASE | 15 JULY 2015
Weng Fine Art AG sales jump in first half of 2015
- Turnaround comes before end of transformation phase, significantly
earlier than previously expected
- Revitalization of the art market in the middle segment
- First sales of WFA Online help improving group sales
Weng Fine Art AG (WFA) had a very successful start to the fiscal year 2015:
At mid-year the turnover is more than 30% higher than the revenues of the
same period last year. In addition the trade margin has increased in double
digits. Therefore, the profits for the group - even when considering the
start-up costs in Switzerland for WFA Online AG - will increase
significantly over the previous year.
"After focusing on the strategic development of the company in Germany
during 2013 and 2014 and accepting temporary losses in revenues and profits
during this period, business is now clearly on the way up again,"
summarizes WFA CEO and company founder Rüdiger K. Weng. That the turnaround
was achieved before the end of the transition period, is mainly due to the
B2B trading business: The sentiment in the middle market sector has
improved recently, following several years of a slight downward trend.
Moreover, WFA Online AG, the subsidiary set up only a year ago delivers its
first significant revenue contributions. The company started its sales
activities in late May, and has exceeded the forecasted revenues since
then. The e-commerce offering is very well accepted in the art market and
therefore an excellent complement to the core business of the group.
Detailed information on the overall strategy and the prospects of the WFA
group will be given to the shareholders at the Annual General Meeting,
which will take place in Krefeld on 21 September.
ABOUT WENG FINE ART AG
Weng Fine Art AG (www.wengfineart.com), with subsidiaries in Germany and
Switzerland, is a leading internationally operating art dealing and art
service company. The founder-led company combines a long-term expertise in
the art market with economic know-how. Other factors of success are the
large inventory of artworks of the 20 and 21st century as well as the
access to attractive funding. In addition to the traditional art dealing
activities the company targets a leading role in the art e-commerce. Market
know-how, the lack of competition and the comprehensive company-owned stock
of high quality artworks will be the key to success of WFA Online AG in
this segment. The shares of Weng Fine Art AG are listed in the Entry
Standard of the Frankfurt stock exchange.
Weng Fine Art AG
Rüdiger K. Weng, CEO
Kimplerstrasse 294 | 47807 Krefeld | Germany
Phone +49 (0)2151 93713-0 | Fax +49 (0)2151 93713-29
E-mail rkweng@wengfineart.com
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15.07.2015 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Weng Fine Art AG
KimplerstraÃe 294
47807 Krefeld
Germany
Phone: 02151 937130
Fax: 02151 93713-29
E-mail: art@wengfineart.com
Internet: www.wengfineart.com
ISIN: DE0005181606
WKN: 518160
Listed: Regulated Unofficial Market in Berlin; Open Market (Entry
Standard) in Frankfurt
End of News DGAP News-Service
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378099 15.07.2015
DGAP-News: Weng Fine Art AG sales jump in first half of 2015
| Source: EQS Group AG