Gretag Imaging issues new profit warning
The photo finishing and printing products company, Gretag Imaging, says net profits for 2000 could be even lower than expected. The news follows a profit warning last November.
Gretag Imaging said on Monday that annual sales had come in at the lower end of expectations.
The company's new chief executive, William Recker, said the firm was facing a financial burden caused by its inefficient structure. He added that it also lacked a clear strategy.
In November, the company said net profit for 2000 would be between SFr45 and 55 million ($27 and $33 million), about half the previous year's amount. The warning triggered a 50 per cent slide in the share price.
Recker said the company needed to consolidate its organisation and processes and added that five strategic projects had been initiated to address structural problems.
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