IC Group upgrades earnings forecast for FY17/18

Based on the preliminary figures for the financial year 2017/18, the IC Group has announced that it expects earnings for the year under review to be realized at an EBIT margin of approximately 7 percent compared to prior outlook of approximately 6 percent or the original outlook mentioned in the annual report as approximately 5 percent.

The company added that this upward revision is primarily attributable to the lower than expected cost level in Tiger of Sweden as well as further cost savings in IC Group's corporate functions during Q4 2017/18.

All other previously announced expectations for the financial year 2017/18, however, remain unchanged. The Group still expects to realize a minor revenue reduction compared to the financial year 2016/17.