DGAP-News: Weng Fine Art AG / Key word(s): Miscellaneous/Miscellaneous
2015-11-23 / 09:00

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PRESS RELEASE | 23 NOVEMBER 2015

Weng Fine Art AG with positive half-year results

Weng Fine Art AG posted strong sales and profits for the first six months of fiscal year 2015. Based on the final half-year figures, revenues for the Group amounted to 3.63 million EUR - an increase of 38.5% over the comparable period last year. The pre-tax profit of the art trading company listed on the Frankfurt Stock Exchange has increased significantly to 571,000 EUR, more than twice as much as in the same period of the previous year. The profit after tax of 367,000 EUR also increased (for complete figures see the corporate website www.wengfineart.com).
The key success factor was the subsidiary WFA Trading, with B2B trading earnings contributing 817,000 EUR to the Group. In parallel, the new foreign subsidiaries were successfully launched: WFA Services GmbH, set up in Zug/Switzerland in September 2014, has achieved a pre-tax profit of 42,000 EUR to break even; and WFA Online AG, the e-commerce subsidiary also based in Zug which started sales in May 2015, posted lower than expected start-up losses which amounted to only 119,000 EUR in H1. A positive result is already expected for 2016. "There are few Internet start-ups, which grow dynamically and simultaneously aim to be profitable so quickly", commented Rüdiger K. Weng, CEO of Weng Fine AG, of the recent success of the WFA Online AG.

Assessing the overall position of the Group, Weng expects a continuation of this positive trend in 2016, which is also reflected in the gross profit margin, which increased from 59.7% to 66.0%. "We are now reaping in all business models, the first fruits of our three-year transformation phase," said Weng and is optimistic about the development of the group in the coming years.

ABOUT WENG FINE ART AG

Weng Fine Art AG (www.wengfineart.com), with subsidiaries in Germany and Switzerland, is a leading internationally operating art dealing and art service company. The founder-led company combines a long-term expertise in the art market with economic know-how. Other factors of success are the large inventory of artworks of the 20 and 21st century as well as the access to attractive funding. In addition to the traditional art dealing activities the company targets a leading role in the art e-commerce. Market know-how, the lack of competition and the comprehensive company-owned stock of high quality artworks will be the key to success of WFA Online AG in this segment. The shares of Weng Fine Art AG are listed in the Entry Standard of the Frankfurt stock exchange.

CONTACT

Weng Fine Art AG
Rüdiger K. Weng, CEO
Kimplerstrasse 294 | 47807 Krefeld | Germany
Phone +49 (0)2151 93713-0 | Fax +49 (0)2151 93713-29 E-mail rkweng@wengfineart.com



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2015-11-23 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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Language: English Company: Weng Fine Art AG Kimplerstraße 294 47807 Krefeld Germany Phone: 02151 937130 Fax: 02151 93713-29 E-mail: art@wengfineart.com Internet: www.wengfineart.com ISIN: DE0005181606 WKN: 518160 Listed: Regulated Unofficial Market in Berlin; Open Market (Entry Standard) in Frankfurt  
 
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