Shares of Chervon Holdings Ltd (02285.HK) surged 5.37% in the pre-market trading session on Friday, following the company's upbeat profit outlook for the fiscal year and its plan to relocate a production facility to China for cost savings.
The power tool maker expects its net profit to range between $110 million and $120 million for the full year, driven by a 25% to 30% increase in revenue. This positive outlook, along with the company's decision to close its production facility in Steinheim, Germany by the end of 2025 and relocate it to China, has fueled investor optimism.
The relocation of the Steinheim facility is expected to result in annual cost savings of $10 million for Chervon. This strategic move is aimed at streamlining operations and enhancing profitability, aligning with the company's focus on operational efficiency and cost management.
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