Avenir Telecom, exclusive licensee of the Energizer brand for mobile products, said that its operating loss narrowed to EUR 1.4 million in the six months to September, from a comparable loss of EUR 3.0 million in the year-earlier period. This improvement was mainly driven by lower operational expenses. The company recently reported a 22 percent drop in H1 sales, as its ongoing positive performance in Asia only partly offset a sharp revenue contraction in the EMEA region.
In related news, Avenir Telecom’s board of directors has approved the appointment of Robert Schiano as CEO to replace Jean-Daniel Beurnier. Schiano, who co-founded the company with Beurnier in 1989, was previously its deputy CEO. The board also voted to separate the functions of CEO and president. As a result, Beurnier will now focus on the strategic direction of the business as president of the board.
There was no update on financial guidance, with the outlook deemed too uncertain amid the ongoing health crisis. Avenir Telecom noted that its ability to secure a EUR 36 million line of funding earlier this year will give scope to its operations to explore internal and external growth opportunities.
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