31st Jul 2023 12:03
(Alliance News) - Flowtech Fluidpower PLC on Monday said half-year revenue grew slightly, but it predicts its annual outturn to fall behind market consensus.
Shares in Flowtech were down 18% at 95.00 pence each in London on Monday morning.
The Wilmslow, England-based supplier of technical fluid power products reported revenue for the six months ended June 30 of GBP59.0 million, up 2.6% from GBP57.5 million a year prior.
This comes from growth across all of its businesses, the company explained.
Nevertheless, the company noted "adverse market headwinds" going into the second half of the year, and said it now expects its full-year out-turn to be "significantly behind" market expectations of GBP119.4 million in revenue, GBP8.8 million in pretax profit and GBP9.9 million in underlying earnings before interest, tax, depreciation and amortisation.
In 2022, Flowtech generated revenue of GBP114.8 million and a pretax loss of GBP5.6 million. Underlying Ebitda was GBP11.6 million.
By Sabrina Penty, Alliance News reporter
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