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Coronavirus: Rapala VMC Corporation cancels 2020 guidance

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Rapala VMC Corporation has cancelled its guidance for 2020 because of the uncertainty caused by the COVID-19 pandemic.

Global fishing tackle giant Rapala VMC Corporation has told investors it is impossible to estimate the impact to the group of the worldwide COVID-19 pandemic.

As a result of that, its new President and Chief Executive Officer, Nicolas Warchalowski, said it was cancelling its financial outlook for 2020 which it issued in February.

At the time, stand-in CEO Louis d’Alançon said this year would be one of transition with a decrease in net sales and a slide in comparable profit.

Rapala has the largest distribution network in the industry and manufacturing facilities across the globe, including in Finland, France, Estonia, Russia, Indonesia and the UK. Last year it had net sales of €275m.

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