1st Jun 2016 07:41
LONDON (Alliance News) - Flowtech Fluidpower PLC on Wednesday said it continues to trade in line with management expectations, and said that, whilst the upcoming UK vote on European Union membership was "causing a degree of constraint in some of our markets", it was a short term influence.
The UK technical fluid power product distributor said it anticipates 2016 results in line with market expectations, after having started the year well.
In a statement to be made at Flowtech's annual general meeting on Wednesday, Chairman Malcolm Diamond noted that Flowtech's "wide range of revenue enhancing development programmes linked also to our focused acquisition strategy will continue to create significant opportunity to achieve further organic growth, increased market penetration and positioning through our multi-channel strategy approach."
"Turning to our markets, we remain vigilant and ever aware of the more challenging conditions being experienced across the majority of industrial sectors, particularly in the UK. Also, consideration has to be given to the current Brexit campaign and the uncertainty surrounding its outcome. Whilst this factor is causing a degree of constraint in some of our markets, the directors believe this to be a short term influence," Diamond said.
"In summary, therefore, we fully anticipate that group trading for the 2016 financial year will meet market expectations and we remain optimistic about the future of the group," Diamond added.
Shares in Flowtech were down 0.9% at 143.50 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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