DGAP-News: Weng Fine Art AG / Key word(s): Miscellaneous/Miscellaneous
Weng Fine Art AG with positive half-year results
23.11.2015 / 09:00
---------------------------------------------------------------------
PRESS RELEASE | 23 NOVEMBER 2015
Weng Fine Art AG with positive half-year results
Weng Fine Art AG posted strong sales and profits for the first six months
of fiscal year 2015. Based on the final half-year figures, revenues for the
Group amounted to 3.63 million EUR - an increase of 38.5% over the
comparable period last year. The pre-tax profit of the art trading company
listed on the Frankfurt Stock Exchange has increased significantly to
571,000 EUR, more than twice as much as in the same period of the previous
year. The profit after tax of 367,000 EUR also increased (for complete
figures see the corporate website www.wengfineart.com).
The key success factor was the subsidiary WFA Trading, with B2B trading
earnings contributing 817,000 EUR to the Group. In parallel, the new
foreign subsidiaries were successfully launched: WFA Services GmbH, set up
in Zug/Switzerland in September 2014, has achieved a pre-tax profit of
42,000 EUR to break even; and WFA Online AG, the e-commerce subsidiary also
based in Zug which started sales in May 2015, posted lower than expected
start-up losses which amounted to only 119,000 EUR in H1. A positive result
is already expected for 2016. "There are few Internet start-ups, which grow
dynamically and simultaneously aim to be profitable so quickly", commented
Rüdiger K. Weng, CEO of Weng Fine AG, of the recent success of the WFA
Online AG.
Assessing the overall position of the Group, Weng expects a continuation of
this positive trend in 2016, which is also reflected in the gross profit
margin, which increased from 59.7% to 66.0%. "We are now reaping in all
business models, the first fruits of our three-year transformation phase,"
said Weng and is optimistic about the development of the group in the
coming years.
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.
CONTACT
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
---------------------------------------------------------------------
23.11.2015 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.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
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
---------------------------------------------------------------------
415349 23.11.2015
DGAP-News: Weng Fine Art AG with positive half-year results
| Source: EQS Group AG