Alpha FMC expects results to meet expectations, but warns of Covid-19 impact on business development

Thu, 9th Apr 2020

Asset and wealth management consultancy Alpha FMC said it expected to report results in-line with current full-year market expectations, but withdrew guidance and warned the Covid-19 pandemic would eventually hurt new business activity. 'Looking ahead, as the impact of COVID-19 continues to evolve, the board expects that in due course it will impact business development and new business, although this is difficult to fully quantify at this stage,' Alpha FMC said. 'Given that there is no visibility on the lifting of lockdown restrictions, either in whole or in part, and hence the impact on business development is unquantifiable, the Board is withdrawing future financial performance guidance,' it added. The update comes as the company said it had performed well and expected to report results in-line with current full year market expectations. 'The group ended the year with approximately £20m net cash or about £25m total cash balances having recently drawn its £5m revolving credit facility to prudently maximise liquidity,' the company said. At 8:48am: (LON:AFM) Alpha Financial Markets Consulting PLC share price was +3.5p at 132.5p Story provided by StockMarketWire.com

FTSE 100 Latest
Value6,083.08
Change-135.71