Sales of LED products have jumped considerably for the Zumtobel Group in the first quarter of this year, with an increase of almost 50 per cent compared with the same period in 2012.
The results?were announced against a backdrop?of boardroom upheaval as group?chief executive Harald Sommerer?and chief financial officer Mathias?D?hn tendered their resignations?after a disagreement over strategy.?
The group, which comprises?Zumtobel, Thorn and Tridonic, saw?overall revenues fall by 4.4 per cent,?but operating earnings (adjusted?earnings before interest and taxes)?were up almost 48 per cent year-on-year to €17.7 million, compared?with €12.6 million for the same?three months in 2012.?
Tridonic saw its first growth in?seven quarters, with revenues up?1.6 per cent to €99.7 million from?€98.1 million in 2012. News from the?lighting division however – comprising?Zumtobel and Thorn – was less?positive, with revenues down from?€243 million in the first quarter of?2012 to €229.9 million. The group?said both had been "impacted by the?disappointing development of the?commercial construction sector".?
Both divisions benefited from?restructuring measures implemented?in 2012, "which focused on aligning?cost structures with the lower level?of revenues and the ongoing development?of the product portfolio",?it added. However, looking to the?immediate future, it stated: "There?are no signs of an easing in the current?economic tensions".?
Sommerer and D?hn tendered?their resignations after a disagreement?over the future strategic?direction of the group.
During?these discussions it was rumoured?that both disagreed with the supervisory?board over the operational implementation of the global?growth strategy during the technology?shift to LEDs.?
Ulrich Schumacher has been?appointed new chief executive with?effect from 1 October 2013. The?search for a new CFO is expected?to conclude in the next few months.
