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ChromoGenics adjusts cost levels
After completing deliveries to the large project on Gullhaugs Torg, Oslo, Norway, the company now adjusts its cost levels by phasing out agency personnel. The company has improved productivity and efficiency during the previous quarters which further have reduced the need for agency personnel. The change is expected to take effect after the vacations with savings of approximately SEK 2.5 million (SEK 6.0 million in full-year basis).
“These reductions are unfortunate but necessary to reduce our costs. Interest rates are forecasted to increase, which combined with the turbulence in the world create some uncertainty regarding the development of the construction industry as well. Despite this, we continue to experience growth of new business opportunities”, says Fredrik Fränding, CEO of ChromoGenics.
This information constitutes such information that ChromoGenics AB is obligated to disclose in accordance with the EU Market Abuse Regulation. The information was submitted by the above-mentioned contact persons for publication on June 7, 2022, at 14:00 CET.
ChromoGenics is a proptech company that produces dynamic glass for real estate. The company’s product ConverLight® Dynamic, controls indoor comfort with high daylight transmission, great view and solar heat blocking and thereby reduces cost of cooling. ConverLight® Dynamic is based on a patented solution where electrochromic coatings are laminated in plastic film and then laminated between glass. The plastic film is easy to transport, so long shipments of bulky glass can be avoided. ChromoGenics also offers static glass, ConverLight® Static, and the ConverLight® Energy facade glass solution. ChromoGenics’ stock was listed on Nasdaq First North Growth Market in 2017 and has supplied glass technology to several major real estate companies.
ChromoGenics originates from world-leading research at Ångströmlaboratoriet at Uppsala University. The company’s production facility in Uppsala has been partially financed with conditional loans from Energimyndigheten (Energy Authority) in Sweden. ChromoGenics’ share (CHRO) is listed on Nasdaq First North Growth Market with Erik Penser Bank as Certified Adviser: firstname.lastname@example.org, Phone +46 8 463 83 00.