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German battery group Varta raises outlook as demand continues

August 07, 2019


Abstract : German battery company Varta has again raised its forecasts after a strong first half-year.

The headquarters of battery manufacturer Varta. (picture alliance/dpa)

German battery company Varta has again raised its forecasts after a strong first half-year.

Turnover for 2019 was expected to climb to between 320 million and 330 million euros (358.6 million-370 million dollars) instead of the previously expected 310 million-315 million euros, the company announced on Tuesday in Ellwangen in the south-western state of Baden-Wuerttemberg.

The earnings before interest, taxes, depreciation and amortization, (EBITA) adjusted for special items, are expected to reach around 72 million to 76 million euros.

The last forecast was for profits of 64 million to 67 million euros, which was increased in May.

According to Varta's chief executive, Herbert Schein, the positive development in the first half of the year was mainly due to the high demand for lithium-ion batteries for hearing aids and wireless headphones.

Sales increased year on year by 15.8 per cent to 151.5 million euros. The operating result increased by more than half to 37.2 million euros.

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