Weng Fine Art AG announced earnings results for the first six months of fiscal 2016. The company posted strong sales and profits for the first six months of fiscal year 2015. Based on the final half-year figures, revenues for the Group amounted to EUR 3.63 million - an increase of 38.5% over the comparable period last year. The pre-tax profit of the art trading company listed on the Frankfurt Stock Exchange has increased significantly to EUR 571,000, more than twice as much as in the same period of the previous
year. The profit after tax of EUR 367,000 also increased. The key success factor was the subsidiary WFA Trading, with B2B trading earnings contributing EUR 817,000 to the Group. In parallel, the new foreign subsidiaries were successfully launched: WFA Services GmbH, set up in Zug/Switzerland in September 2014, has achieved a pre-tax profit of EUR 42,000 to break even; and WFA Online AG, the e-commerce subsidiary also based in Zug which started sales in May 2015, posted lower than expected start-up losses which amounted to only EUR 119,000 in first half.

The company provided earnings guidance for the full year of fiscal 2016. A positive result is already expected for 2016. Assessing the overall position of the Group, Weng expects a continuation of this positive trend in 2016, which is also reflected in the gross profit margin, which increased from 59.7% to 66.0%.