Coronavirus wipes out profits at Swedish lighting group Fagerhult

Swedish lighting group Fagerhult reports an SEK 16.6 million loss as pandemic prompted factory shutdowns in Italy and the UK.

Fagerhult noted that the cancellation of the March Light + Building industry exhibition in Frankfurt cost the company SEK 20M ($2M) on an immediate basis.

However, CEO Bodil Sonesson described the order growth as 'a strong signal of the work done during 2019 and the new strategic alignment model within the Collection, Premium, Professional, and Infrastructure business areas.'