Latest news with #ListingRules
Business Upturn
4 days ago
- Business
- Business Upturn
CYCLACEL PHARMACEUTICALS REGAINS COMPLIANCE WITH NASDAQ MINIMUM BID PRICE REQUIREMENT
By GlobeNewswire Published on June 4, 2025, 01:15 IST KUALA LUMPUR, MALAYSIA, June 03, 2025 (GLOBE NEWSWIRE) — Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; 'Cyclacel' or the 'Company'), a biopharmaceutical company that develops innovative cancer medicine, today announced that it has received a letter (the 'Compliance Notice') from the Listing Qualifications Department of The Nasdaq Stock Market Inc. ('Nasdaq') dated June 3, 2025, informing the Company that it has regained compliance with Nasdaq Listing Rule 5550(a)(2) (the 'Minimum Bid Price Requirement'). As previously announced, Cyclacel received a notification letter from Nasdaq dated December 6, 2024, indicating that its shares of common stock failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of Nasdaq. According to the Compliance Notice, since then, Nasdaq has determined that for 15 consecutive business days, from May 12, 2025 to June 2, 2025, the closing bid price of the Company's shares of common stock has been at $1.00 per share or greater, and accordingly the Company has regained compliance with the Minimum Bid Price Requirement and the matter is closed. About Cyclacel Pharmaceuticals, Inc. Cyclacel is a clinical-stage, biopharmaceutical company developing innovative cancer medicines based on cell cycle, transcriptional regulation and mitosis biology. The transcriptional regulation program is the anti-mitotic program plogosertib, a PLK1 inhibitor, in patients with both solid tumors and hematological malignancies. Cyclacel's strategy is to build a diversified biopharmaceutical business based on a pipeline of novel drug candidates addressing oncology and hematology indications. For additional information, please visit For further information contact: Cyclacel Pharmaceuticals, Dr. Doris Wong Chief Executive Officer Email: [email protected] Forward-looking Statements This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995, and encompasses all statements, other than statements of historical fact contained in this press release. These forward-looking statements can be identified by terminology such as 'may,' 'could,' 'will,' 'expects,' 'anticipates,' 'aims,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'targets,' 'likely to', 'understands' and similar statements. These forward-looking statements are based on management's current expectations. However, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors and circumstances that may cause Cyclacel's actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including conditions in the U.S. capital markets, negative global economic conditions, potential negative developments resulting from epidemics or natural disasters, other negative developments in Cyclacel's business or unfavorable legislative or regulatory developments. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. For a discussion of additional factors that may affect the outcome of such forward-looking statements, see our 2024 annual report filed with the SEC on Form 10-K on April 2, 2025, and in particular the 'Risk Factors' section, as well as the other documents filed with or furnished to the SEC by Cyclacel from time to time. Copies of these filings are available online from the SEC at or on the SEC Filings section of our Investor Relations website at These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. These forward-looking statements should not be relied upon as representing Cyclacel's views as of any date subsequent to the date of this press release. All forward-looking statements in this press release are based on information currently available to Cyclacel, and Cyclacel and its authorized representatives assume no obligation to update these forward-looking statements in light of new information or future events. Accordingly, undue reliance should not be placed upon the forward-looking statements. © Copyright 2025 Cyclacel Pharmaceuticals, Inc. All Rights Reserved. The Cyclacel logo and Cyclacel® are trademarks of Cyclacel Pharmaceuticals, Inc. SOURCE: Cyclacel Pharmaceuticals, Inc. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Yahoo
6 days ago
- Business
- Yahoo
AGM Statement
FORESIGHT VCT PLC LEI: 213800GNTY699WHACF46 AGM STATEMENT2 JUNE 2025 The Board of Foresight VCT plc is pleased to announce that at the Annual General Meeting of the Company held on 2 June 2025 all of the resolutions were duly passed on a show of hands. Proxy votes were received in respect of 301,484,584 Ordinary Shares, representing 4.06% of the issued share capital as at 2 June 2025. The proxy voting was as follows: Resolution Votes For Votes at Discretion of Chair Votes Against 1 91.59% 7.53% 0.88% 2 88.01% 7.83% 1.43% 3 88.05% 7.84% 1.54% 4 90.71% 7.77% 0.60% 5 91.24% 7.77% 0.61% 6 89.92% 7.77% 0.62% 7 89.77% 9.28% 0.65% 8 86.99% 9.47% 0.71% 9 90.95% 8.78% 0% 10 89.66% 8.99% 0.27% 11 86.02% 10.28% 2.64% 12 87.93% 9.19% 0.48% A copy of the resolutions passed at the AGM will be submitted to the National Storage Mechanism in accordance with Listing Rules 9.6.2R and 9.6.3R. For further information, please contact: Company Secretary:Foresight Group LLP Contact: Gary Fraser Tel: 0203 667 8100 Investor Relations:Foresight Group LLPContact: Andrew James Tel: 0203 7636914Sign in to access your portfolio
Business Wire
08-05-2025
- Business
- Business Wire
Woodside Energy Group Ltd Annual General Meeting Address by Chair Richard Goyder and CEO Meg O'Neill
PERTH, Australia--(BUSINESS WIRE)--In accordance with the Listing Rules, please see attached announcement relating to the above, for release to the market. This announcement was approved and authorised for release by Woodside's Disclosure Committee. Forward-looking statements This announcement contains forward-looking statements with respect to Woodside's business and operations, market conditions, results of operations and financial condition, including, for example, but not limited to, statements regarding any transaction (including statements concerning the timing and completion of the transaction, the expected benefits of the transaction and other future arrangements between the parties) expectations regarding future expenditures and future results of projects. All forward-looking statements contained in this announcement reflect Woodside's views held as at the date of this announcement. All statements, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as 'guidance', 'foresee', 'likely', 'potential', 'anticipate', 'believe', 'aim', 'estimate', 'expect', 'intend', 'may', 'target', 'plan', 'forecast', 'project', 'schedule', 'will', 'should', 'seek' and other similar words or expressions. Forward-looking statements in this announcement are not guidance, forecasts, guarantees or predictions of future events or performance, but are in the nature of aspirational targets that Woodside has set for itself and its management of the business. Those statements and any assumptions on which they are based are only opinions, are subject to change without notice and are subject to inherent known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Woodside, its related bodies corporate and their respective officers, directors, employees, advisers or representatives. Details of the key risks relating to Woodside and its business can be found in the "Risk" section of Woodside's most recent Annual Report released to the Australian Securities Exchange and Woodside's most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission and available on the Woodside website at You should review and have regard to these risks when considering the information contained in this announcement. Investors are strongly cautioned not to place undue reliance on any forward-looking statements. Actual results or performance may vary materially from those expressed in, or implied by, any forward-looking statements. All information included in this announcement, including any forward-looking statements, speak only as of the date of this announcement and, except as required by law or regulation, Woodside does not undertake to update or revise any information or forward-looking statements contained in this announcement, whether as a result of new information, future events, or otherwise. Chair and CEO Addresses: 2025 Annual General Meeting Richard Goyder and Meg O'Neill Good morning everyone, and a warm welcome to Woodside's 2025 Annual General meeting. I am informed that a quorum is present and formally declare the meeting open. I also open the poll for voting on all items of business. I would like to begin by acknowledging the Whadjuk people of the Noongar nation as the Traditional Custodians of the land on which we meet today, and pay my respects to Elders past and present. For those in the room, please familiarise yourself with the evacuation procedures on the screen, which apply in the event of an emergency. Today's event is a valuable opportunity for Woodside's Board and management to hear directly from our shareholders and respond to your questions. I am joined on stage this morning by our Chief Executive Officer and Managing Director, Meg O'Neill, and Group Company Secretary, Damien Gare. Every member of Woodside's Board of Directors is also here in the room. Nick Henry and Anthony Hodge, representing our auditors, PwC, are also present today. After the meeting, shareholders are invited to join Directors and our Executive Leadership Team for light refreshments. This year, we will take shareholder questions on all items of business in one question and answer session. We want to give as many shareholders as possible an opportunity to be heard, although there may not be sufficient time to address all questions raised. So please keep your questions brief, ask no more than two questions at a time, and avoid repeating issues or raising matters that have already been covered. Only shareholders, their attorneys, proxies and authorised company representatives are entitled to speak and vote at this meeting. Shareholders or proxyholders in the meeting room that would like to ask questions can do so by going to the question registration desk at the back of the meeting room. The question registration desk will remain open during the meeting and you may register your questions at any time. You will then be called at the appropriate time to ask your question at the microphone stand. If you have any mobility issues, please raise your hand for assistance with your question registration. If you're a shareholder or proxyholder joining online, please start submitting any questions now. You can do this through the same platform you are watching the webcast on. Instructions for submitting written questions online are shown on screen now, and instructions for submitting verbal questions online will be shown shortly. Chair's Address On behalf of the Board, I would like to update you on Woodside's strategies and our progress against those strategies. Against a backdrop of geopolitical and market uncertainty, and a complex energy transition, investors are looking for Woodside to provide strategic clarity and resilience. Our shareholders want confidence that when Woodside sets financial, project and sustainability targets, we have the plan and capability to deliver on them. Our performance over the past year has demonstrated once again that this is the case. Strong returns from our base business, disciplined cost management and the sell-downs of equity in our Scarborough Energy Project delivered full-year net profit after tax of US$3.6 billion, and underlying NPAT of US$2.9 billion. This allowed us to once again return dividends to shareholders at the top end of our target payout range, with a 2024 full-year dividend of 122 US cents per share. Indeed, since Woodside's merger with BHP's petroleum business in 2022, we have returned more than US$9.7 billion to our shareholders as dividends. Our strong balance sheet enables us to continue rewarding shareholders during a period of higher capital expenditure, as we take forward the major projects that we are confident will deliver Woodside's next wave of value creation. Major projects under construction at Beaumont New Ammonia, Scarborough, Trion and Louisiana LNG will move into production over the next few years, transitioning Woodside from a capital-intensive phase to an extended period of substantial free cash flow. As Meg noted last week when announcing our decision to take forward Louisiana LNG, we forecast Woodside's annual portfolio sales volumes to be almost 50 percent higher in the 2030s than they are today, and annual net operating cash increasing to over US$8 billion in this period. This would represent a step-change in value creation and provide us with additional options to reward our shareholders. As these figures demonstrate, we reward investors today through strong dividends, while investing in a high-quality, diverse portfolio to create future value and position us to successfully navigate the energy transition. Our shareholders will benefit from Woodside's proven track record of operational excellence, world-class project delivery and financial discipline. It is a combination that distinguishes Woodside among our peers, and takes on increasing importance in the current global environment. The larger, more diverse and resilient Woodside that emerges by the end of this decade will be well positioned to deliver enduring shareholder value as the energy transition unfolds. We are determined for Woodside to play a constructive role in the global response to climate change, and are taking meaningful steps to achieve this. At the same time, our climate strategy is well suited for current political and market realities, which indicates the energy transition is likely to unfold in a way that is not linear or uniform across the globe. We are operating a complex business and making significant decisions in a time of geopolitical uncertainty, with the energy transition central to that. While the importance of decarbonising the world to mitigate the impacts of climate change is not debated, the how is. It is not a simple task to provide reliable, affordable and zero emissions energy to consumers and businesses within a short period of time. And it is made all the harder when opportunities to achieve real emissions reduction – from coal-to-gas switching, or carbon capture and storage – are taken off the table. Right now, in Australia, approximately 60 percent of power generation comes from coal and gas. In the past couple of weeks, the Australian Energy Market Operator and large energy users in Australia have all made the case that gas will continue to be an important part of the energy mix for many years to come. The accompanying chart helps to show why. At 6:30pm on a hot summer's day in Western Australia there is very little wind, the sun is setting and peak energy demand has kicked in. Gas has been despatched to meet demand, providing more than half of the power needed to keep lights on and air-conditioners running. So, it is not easy. Renewables are growing, but there are real costs to integrate these into systems, and of course, reliability issues. Investors, manufacturers and consumers need an open and honest approach to the energy transition, including what the trade-offs will be and how it may impact them. Australia needs an energy policy which is clear in its commitment to net zero by 2050, but also achieves affordability and reliability, maintaining our domestic energy advantage and significant export income. Full implementation of the Albanese Government's Future Gas Strategy can play a key role in this approach, by supporting energy security and decarbonisation in Australia and our region. Woodside's approach balances ambition with discipline and achievability. Importantly, we only set targets where we have identified a pathway to meet them. We have not walked back from our climate targets and commitments. As outlined in our 2024 Climate Update, we are making good progress towards the targets we have set. We will of course continue listening to our shareholders, who have diverse views, and take your feedback into account as we evolve our approach. Woodside's Board and management held more than 250 climate-related meetings with investors during 2024, and you have my undertaking that we will continue our meaningful engagement on this important topic. As we set the strategic framework for Woodside to deliver enduring value through the energy transition, we are ensuring the Board has the right balance of expertise, experience and tenure to keep pace with our growing footprint and broader range of activities. Woodside has been actively renewing the membership of the Board, appointing six directors since 2020 with significant professional experience in our industry and other relevant fields. We are balancing this with the continuity and corporate memory provided by our longer-serving directors. The three directors offering themselves for re-election or election today – Ann Pickard, Ben Wyatt and Tony O'Neill – bring complementary skills and experience that collectively strengthen our Board, and I commend Ann, Ben and Tony to you. We are also fortunate to have a skilled and dedicated executive team that is led superbly by our Chief Executive Officer Meg O'Neill. I would like to thank Meg and everyone at Woodside for another outstanding year. I would also like to thank you, our shareholders, for continuing to put your trust in Woodside. I am confident the decisions we are taking today will reap significant long-term benefits for our shareholders, as we build a resilient, cash-generative business that is well positioned to deliver enduring value through the energy transition. As I hand over to Meg, please take a moment to watch this video highlighting our achievements over the past year. CEO and Managing Director Meg O'Neill Hello everyone, and thank you for joining us in person and online. Watching that video is a great reminder of our many achievements since we met in this room a year ago. It also signals the transformative period underway as we lay the foundations for Woodside's next chapter of growth and value. As Richard noted, our shareholders can have confidence in Woodside's considered, disciplined strategy to thrive through the energy transition. You can be equally assured that we are delivering against all elements of this strategy - by providing energy to meet growing demand, creating and returning shareholder value, and conducting our business sustainably. We are doing what we say we will do, meeting our commitments to customers, investors and the broader community. Woodside's operational excellence has been on full display over the past year, with record annual production driven by strong reliability at our Australian LNG assets and outstanding early performance from our Sangomar Project. Just as pleasing has been our ability to match increased production with reduced unit operating costs, a great achievement given inflationary pressures in Australia and globally. While delivering this strong performance across our base business, we are also executing all of our major growth projects to budget and schedule. These include our Scarborough Energy Project offshore Western Australia, which is now more than 80% complete and on track for first LNG cargo in the second half of 2026. Scarborough is one of the most cost-competitive LNG projects under construction. With near zero reservoir CO 2 and efficient facilities, Scarborough LNG will also be one of the lowest carbon intensity LNGs delivered to customers in north Asia. It has already attracted quality customers and joint venture partners that will underpin its value to Woodside shareholders for years to come. The decision by major Japanese energy companies JERA and LNG Japan to take equity in Scarborough demonstrates they share Woodside's confidence in long-term demand from this world-class project. We are making equally good progress on our Trion Project offshore Mexico, which is now more than 25 percent complete and on track for first oil in 2028. By the time Trion starts production, we will also be well progressed towards the first cargo from our Louisiana LNG Project on the US Gulf Coast, on which we took a final investment decision last week. Louisiana LNG is a game-changer for Woodside, positioning our company as a global LNG powerhouse capable of delivering enduring shareholder returns. By adding Louisiana LNG to our established Australian LNG business, Woodside expects to be delivering approximately 24 million tonnes of LNG each year in the 2030s, and operating more than five percent of global supply. We will be able to serve a growing global base of customers across the Pacific and Atlantic basins, as demand for energy from secure, reliable suppliers like Woodside continues to increase. Since early 2024 we have signed long-term agreements with major energy customers in Asia and Europe for supply of more than 45 million tonnes of LNG from Woodside's global portfolio. Contracts signed during the past two months with China Resources and Uniper will see Woodside's LNG delivered into China and Europe into the 2040s. This demonstrates robust long-term demand for our core product as countries around the world seek to meet both their energy security needs and decarbonisation goals. The ability of gas to provide reliable baseload power, at half the lifecycle emissions of coal, makes it ideally suited for this dual purpose. Our strong balance sheet allows us to invest in new value-creating growth projects, while also returning value to shareholders today. As Richard noted, in 2024 we once again delivered a full-year, fully franked dividend at a payout ratio of 80%. This continues our decade-long track record of paying shareholder dividends at the top end of our range. In recent months we have streamlined our portfolio through an agreed Australian asset swap with Chevron, and divestment of our producing assets in Trinidad and Tobago. We have also reduced our 2025 spend across exploration and new energy by more than US$150 million. This demonstrates our consistent, disciplined approach to capital allocation. Strong sustainability performance is at the core of how Woodside builds and operates our business. We are delivering on our climate strategy, remaining firmly on track to meet our 2025 and 2030 net equity Scope 1 and 2 emissions reduction targets. Our acquisition of the Beaumont New Ammonia Project, on which construction is now more than 90 percent complete, represents a step-change towards achievement of our Scope 3 investment and abatement targets. Beaumont is one of the world's first ammonia plants paired with auto thermal reforming, delivering 95 percent carbon dioxide capture. We are targeting first ammonia production from Beaumont later this year, with lower-carbon ammonia targeted for the second half of 2026. This provides Woodside with first mover advantage in a growing global market, and we expect the project to be free cash flow accretive from next year. On safety, we are seeing positive results against key metrics. Our growing business saw a large increase in total hours worked in 2024, without experiencing any permanent injuries or Tier 1 process safety events. Finally, we continue to demonstrate that when Woodside does well, the communities where we operate benefit significantly through jobs, revenue and business opportunities. In Australia, we remain a key supplier of reliable and affordable energy to homes and businesses. During 2024 we made extra supplies of domestic gas available, supporting energy security and meeting ongoing customer demand. This included executed sales of 77 Petajoules in east coast Australia for local manufacturing, agribusiness and energy retailers. In Western Australia, we executed domestic gas sales of 73 Petajoules for delivery to mining, industrial and retail energy customers. We injected US$7.9 billion into local economies through purchase of goods and services in 2024, with US$5.1 billion of this spent in Australia. We are also one of the largest taxpayers in Australia, contributing A$4.1 billion in taxes, royalties and levies in 2024. I would like to thank everyone at Woodside for their efforts over the past year, and their ongoing focus through this transformative period for our company. I am very proud to lead such a capable, dedicated team. I would also like to echo Richard's thank you to our shareholders. We value your ongoing investment and appreciate your constructive engagement. As we continue building a successful, sustainable Woodside, I have never been more confident in our ability to provide energy to a world that needs it now and into the future.
Yahoo
04-03-2025
- Business
- Yahoo
Magic Empire Global Limited announces that the bid price deficiency concern raised by Nasdaq has been successfully resolved
Hong Kong, March 04, 2025 (GLOBE NEWSWIRE) -- Magic Empire Global Limited (NASDAQ: MEGL) ('MEGL', or the 'Company') is pleased to announce that the bid price deficiency concern raised by Nasdaq has been successfully resolved. The Company has received written notification (the 'Nasdaq Notice') from The Nasdaq Stock Market LLC ('Nasdaq') notifying the Company that it has regained compliance with the minimum bid price requirement set forth in the rules for continued listing on the Nasdaq Capital Market (the 'Listing Rules'). On February 26, 2025, the Company received a letter from Nasdaq notifying the Company that it has not regained compliance with Listing Rule 5550(a)(2). Accordingly, its securities will be delisted from the Capital Market. The Company may appeal Staff's determination to the Panel, pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. On March 4, 2025, the Company received formal notification from Nasdaq, that the Company has regained compliance with the Nasdaq Minimum Bid Price Requirement. Nasdaq made this determination of compliance after the closing bid price of the Company's ordinary shares was at $1.00 per share or greater for the last 10 consecutive business days from February 18, 2025 to March 3, 2025. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) and Nasdaq considers the prior bid price deficiency matter now closed. MEGL remains committed to maintaining the highest standards of corporate governance and compliance. The company appreciates the support of its shareholders. About Magic Empire Global Limited Magic Empire Global Limited is a financial services provider in Hong Kong which principally engage in the provision of corporate finance advisory services and underwriting services. Its service offerings mainly comprise (i) IPO sponsorship services; (ii) financial advisory and independent financial advisory services; (iii) compliance advisory services; (iv) underwriting services; and (iv) corporate services. For more information, visit the Company's website at Safe Harbor Statement Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as 'may,' 'will,' 'expect,' 'anticipate,' 'aim,' 'estimate,' 'intend,' 'plan,' 'believe,' 'is/are likely to,' 'potential,' 'continue' or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC, which are available for review at Empire Global LimitedMs. Vivien TaiTel: +852 3577 8770E-mail: meglir@
Yahoo
27-02-2025
- Automotive
- Yahoo
Difficult market environment in Europe: Feintool 2024 with lower annual sales and slightly negative operating EBIT
This is an ad hoc announcement pursuant to Article 53 of the Listing Rules (LR) of the SIX Exchange Regulation AG. 2024 developed differently from region to region for Feintool and was characterized by a significant decline in demand in the European automotive and industrial sectors. Within this context, the Feintool Group generated sales of CHF 720 million (-15.1 % previous year). The positive developments in North America and Asia only partially compensated for the economic and structural weakness in Europe. The operating result (EBIT) before one-off effects was slightly negative (CHF -2.2 million). Restructuring costs related to the strategic adjustment of our European manufacturing footprint had a negative impact of CHF -47.1 million on the result. Overall, the operating result (EBIT) amounted to CHF -49.3 million. Feintool managed to generate a positive free cash flow (CHF 4.4 million) despite the decline in sales, and the Group remains in a solid financial position with an equity ratio of 55.7 %. Record sales in North AmericaAll signs continue to point to growth in the USA. In 2024, Feintool won new orders in its traditional business for combustion and hybrid drives as well as additional market share. The expansion of the Nashville site is largely completed, creating additional production capacity. Feintool achieved record sales of CHF 194.3 million (+ 8.1 %) in North America. Strong position in AsiaThe center of global automotive production is increasingly shifting to Asia, opening up new opportunities. Feintool is benefiting from the rapid progress of electromobility in China. The use of hydrogen technology is established in China. Feintool positioned itself in this sector years ago and continued to be successful in 2024. The company again won a major series order from a leading Chinese manufacturer of fuel cells. In Japan, significant growth in sales was achieved in local currency. Due to its close relationships with long-standing customers, Feintool received an additional major order for seat adjuster components and the plant in Tokoname is currently being expanded. Our new plant in the Indian metropolitan region of Pune will start operation at the beginning of 2026 and will initially produce seat adjuster components for leading car manufacturers as well. In Asia, Feintool generated sales of CHF 90 million (+0.2 %). Realignment in EuropeIn Europe, Feintool's largest market, business with components for combustion and hybrid drives saw a slight decline. At the same time, demand for laminated electrical components used in electric vehicles suffered a sharp decrease. Demand for industrial applications also remained at a very low level. The electrification of mobility slowed down due to uncertain political conditions, particularly in Germany. This resulted in overcapacity at individual manufacturers, which, in combination with postponements or cancellations of orders placed with Feintool, led to a significant drop in sales and a lack of profitability. In Europe, sales amounted to CHF 437.5 million (-24.8 %). A sustainable concept for the future was developed by Feintool to adapt capacities to the European market. The fineblanking/forming and electrolamination stamping business units are being realigned. The priority is to improve the Group's innovative strength and competitiveness, actively shape technological change and reduce costs at the same time. To sustainably improve profitability, high-volume production is currently being relocated from Lyss (CH) to Most (CZ). It is also planned to shift production from Sachsenheim (DE) to Tokod (HU). The restructuring expenses required due to the realignment had a significant negative impact of CHF 47.1 million on earnings in 2024. The expected cost savings after implementation of the planned programs amount to CHF 20 - 25 million per year. Global market trends continueEven if the European component business for e-drives failed to satisfy the entire supplier sector in 2024, the global trend towards electromobility continues. However, progress - especially in Europe - is slower than expected while growth rates remain positive. Growth is anticipated worldwide in industrial applications as well as for wind turbines, fuel cells and batteries. The hydrogen technology market, which Feintool supplies with bipolar plates and interconnects, is expected to grow by over 70 % annually until 2030. Feintool is making targeted investments in its core technologies of fineblanking, forming, FEINforming and electrolamination stamping. The Group consistently aligns its product portfolio with future markets, while at the same time securing profitability in its traditional business and thus increasing its competitiveness. Global growth and efficiency programIn 2024, Feintool launched the global growth and efficiency program 'Level-up 2026!'. Under this umbrella, twelve initiatives are underway to increase order intake and reduce costs. The program is running worldwide and is taking place simultaneously to the adjustments in our European plant footprint. Outlook 2025 and medium-term targetsFeintool expects business to continue to develop positively in North America and Asia in 2025. Due to the continued low visibility in Europe, Feintool is not giving any guidance for 2025. The medium-term outlook for our target markets for all core technologies remains positive. The electromobility market is growing globally, despite developing slower than expected in Europe. As soon as the European economy recovers, demand for electric motors for industrial applications is expected to increase. In parallel, Feintool is relying on its business with components for vehicles with combustion and hybrid drives. The launched restructuring programs in Europe will be realized in the period from 2025 to 2026. This will enable Feintool to considerably and sustainably increase its profitability. The Group is confident that it will achieve its medium-term target of an EBIT margin of over 6 %. Proposals to the Annual General Meeting on April 29, 2025The Board of Directors will propose to the 2025 Annual General Meeting that no dividend shall be paid out in 2024 due to the earnings situation. Alexander von Witzleben will step down as Chairman of the Board of Directors and as a member of the Board at the Annual General Meeting in April 2025. The Board of Directors would like to thank him for his many years of commitment and his valuable contribution to the continued development of the Feintool Group. The Board will propose the election of Norbert Indlekofer as the new Chairman to the shareholders at the Annual General Meeting. Matthias Holzammer will be nominated as a new member of the Board of Directors. Overview of Key Financial Indicators (Continuing operations only) 2024in CHF Mio. 2023in CHF Mio. Changein % Change in local currencyin % Net Revenue Feintool-Group 719.6 847.7 -15.1 -13.3 System Parts Europe 437.5 581.5 -24.8 -23.3 System Parts USA 194.3 179.7 8.1 10.0 System Parts Asia 90.0 89.9 0.2 4.6 Earnings before interest, taxes, depreciation and amortisation (EBITDA) 1 23.9 84.0 -71.5 -69.6 Operating result (EBIT) adjusted 2 -2.2 29.9 -107.4 Operating result (EBIT) 3 -49.3 29.9 -265.0 -264.5 System Parts Europe -52.1 20.1 -358.6 -360.9 System Parts USA 10.2 12.7 -19.8 -18.3 System Parts Asia 8.3 9.2 -9.9 -6.0 Consolidated net profit -44.7 17.8 Balance sheet total 810.7 807.8 0.3 Equity capital 451.6 488.2 -7.5 Net debt 42.7 24.2 76.2 Employees 3 096 3 230 Trainees 98 105 1 Incl. one-off effects of CHF 27.9 million (previous year: no one-off effects).2 EBIT adjusted: excluding one-off effects of CHF 47.1 million due to the realignment in Europe.3 Incl. one-off effects of CHF 47.1 million (previous year: no one-off effects). All information on Feintool's annual results for 2024 can be found in the 2024 Annual Report, which is available as a PDF at About Feintool Feintool is an international technology and market leader in electrolamination stamping, fineblanking, and forming. We manufacture high-quality precision parts in large volumes from steel. We supply the automotive industry, energy infrastructure equipment providers, and all manner of high-end industrial manufacturers. Feintool's products perfectly complement the megatrends for green energy generation, storage, and usage. Our core technologies deliver measurable cost-efficiency, consistent quality, and improved productivity. Feintool constantly expands the horizons of its production methods and develops intelligent solutions, innovative tools, and state-of-the-art manufacturing processes in line with customer needs. Founded in 1959 and headquartered in Switzerland, the company has 18 production sites, 3,100 employees and 100 vocational trainees in Europe, the USA, China, Japan and India. Feintool is publicly listed and majority-owned by the Artemis Group. Feintool International Holding AGIndustriering 83250 LyssSwitzerland Media spokesperson Karin LabhartPhone +41 32 387 51 57Mobile +41 79 609 22 The press release can be downloaded from the following link: Press Release (PDF)Sign in to access your portfolio
