Tiimari Group’s sales were 15.9 million euro in December 2008 up by 3 per cent on the corresponding month previous year. The whole year 2008 sales were 85.0 million euro up by 14 per cent.
Tiimari’s investments in the new market areas resulted in sales increase in Sweden, Poland, Russia and Lithuania. Gallerix sales are consolidated in 2007 figures for November and December only due to the acquisition in 2007. The Tiimore business has been reorganized and realigned during the year 2008. The sales information may change when the final annual closing is done. (Stock Exchange release, during trade)

Our estimate for FY08 sales were EUR 86.3m and thus Tiimari’s figures did not provide surprises and focus is now in profitability in the Q4’08 report. We expect significant profit improvement from last year and the whole year’s result would still be in the red. Our recommendation sustains.
*Neutral news for Tiimari

Source: stock exchange release

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