Admicasa: Fotios Michos becomes CEO

Fotios Michos joined Admicasa Holding AG in June of this year as Chief Business Officer. He will now join the company's Executive Board and gradually take over operational management during the second half of 2021, Admicasa announced. Christoph Bruhin, Chief Financial Officer of Admicasa since 2020, was confirmed in this position by the Board of Directors.

Admicasa further reports that net revenues from deliveries and services increased from CHF 2.92 million to CHF 7.27 million in the first half of 2021 compared to the previous year. Growth was driven by the inclusion of the sales of von Gunten Baumanagement AG, which was acquired last September. The additional sales in the areas of general and total contracting (according to "Percentage of Completion") as well as construction management reportedly amounted to CHF 5.73 million.

According to a statement from Admicasa, operating expenses climbed from 3.3 million to 8.1 million in the period under review, with slightly higher personnel expenses and, above all, higher expenses for materials and third-party services from suppliers in connection with various general contractor projects having an impact. The operating result (EBIT) was positive again in the first half of 2021 at 0.41 million, compared with a loss of 0.36 million in the first half of the year. The financial result amounted to -0.09 million after -0.01 million in the previous year. The reason for the significantly higher financial expenses was the capital raised in connection with the purchase of von Gunten Baumanagement AG, Admicasa said. The net result for the period in the first half of 2021 was 0.16 million (H1 2020: -0.42 million). (ah)