The CEO of (7,54 CZK, -17,51%) Anthony Denny gave an interview with the Czech HN daily in which he reiterated that the company wants to break even in 2Q09 and be in the black in full-year 2009 even if the market falls by another 20%, on the back of rising sales (already seen in 1Q09) and severe cost cuttings. The company has no plans of delisting or squeeze-out and plans to enter Russia in 2010. The management might seek an investor for the company once its returns to profits.
Our view: Not much new was said, however we believe that strong management declaration regarding returning to profits in 2009 could support the stock price.