Swedish ER&D service vendor ÅF Pöyry changed its brand to AFRY, the amalgamation of ÅF and pöyRY. Meanwhile, its legal name will remain ÅF Pöyry.
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ÅF Pöyry’s revenue growth (yoy, at CC/CS) continued to decelerate this quarter, declining from +8% in Q1 to +1% in Q3 2019, despite the positive impact of an additional working day (+90 bps on revenue growth during the quarter). The company suffered from the same issues as in Q2: a slowdown in the automotive sector from its largest automotive client, (impacting Industrial & Digital Solutions Division) and delayed decision-making in the Infrastructure Division in Denmark.