TX Group AG (TXGN.SW), a Swiss network and Communication platform provider, on Tuesday announced first-half results with a decline in net income that was backed by weak revenue.
Further, the Board of Directors of the TX Group has decided to conduct a three-year share buyback programme to repurchase shares up to a mid-single-digit percentage of the outstanding share capital.
The buyback at market price is set to start in the coming weeks.
In its first half, the company reported a net income of 4.2 million Swiss francs, 83% lower than 24.5 million Swiss francs a year ago.
Adjusted net income was valued at 33.5 million francs, 30.8% lower than 48.4 million francs in the year ago.
Adjusted EBIT of TX Group decreased 31.9% to 38.5 million francs from 56.5 million francs a year ago.
Adjusted EBIT margin came down to 9% from 12.3% a year ago.
EBITDA declined 14.7% to 81.8 million francs from 95.8 million in the prior year.
Revenue decreased 7.5% to 426.6 million francs from 461 million in the last year.
The company stated that the results were mainly hit by rigorous implementation of the transformation underway in the media area and investments in the diversification strategy and digitalisation.
On Monday, in the Swiss Market, the stock had closed at 224 francs.
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