Teleste has adjusted its financial outlook after new orders fell by 5% to €46.4 million.
Announcing its nine-month results to 30 September 2023, the Finnish broadband technology supplier said net sales had decreased by 17.4% to €35.2 million.
The Broadband Networks business unit has been particularly affected.
“We expect the slowing of network operators’ investments to also have an effect the outlook for 2024 in the Broadband Networks business,” explained CEO Esa Harju. “It is presently difficult to predict the timing of the recovery of the European market. There are also signs of the North American network market slowing, as operators postpone and downscale their planned investments.”
In an update to guidance released in February, Teleste said it now estimates that net sales in 2023 will amount to €150-160 million and that the adjusted operating result in 2023 will be in the range of €2-3 million.
Previously, Teleste estimated that net sales in 2023 will amount to €150-175 million and that the adjusted operating result in 2023 will be €2-5 million.
There was good news after a Belgian tax reassessment decision issued in 2022 was overturned following at Teleste’s request. This added €1.17 million to the balance sheet.
