27-03-2020 | Financial news | Press releases | Corporate & Ad-hoc news

paragon Retracts Revenue and Earnings Forecast due to COVID-19 Pandemic – Annual Report and Annual General Meeting Postponed

Delbrück, Germany, March 27, 2020 – paragon [ISIN DE0005558696] expects that the business goals for 2020 will not be met as a result of the COVID-19 pandemic. Reduced customer orders and logistics issues affecting the fully consolidated financial investment Voltabox as well as signals from customers in the automotive industry regarding vehicle sales over the further course of the year indicate a longer shutdown of plants and slower restart of production than previously expected. Therefore, the management has retracted the revenue and earnings forecast for 2020. The uncertainty regarding further economic development in the wake of the current restrictions makes a reliable forecast impossible at present. In light of the situation, the company will additionally postpone the publication of its consolidated financial statements as well as its Annual General Meeting.

  • Statements by automotive manufacturers signal a longer shutdown of plants and slower restart of production than previously expected – fully consolidated Voltabox announces drastically reduced customer orders

  • Revenue losses can no longer be offset over the course of the year – currently not possible to issue a reliable forecast

  • Publication of the consolidated financial statements and the Annual General Meeting will be postponed – the impact of the COVID-19 pandemic will be illustrated in the annual report for 2019