13th Aug 2020 14:51
(Alliance News) - Global Invacom Group Ltd on Thursday reported a first half revenue fall, taking a hit from Covid-19, which the satellite communications equipment provider said hurt demand.
Revenue in the six months to June 30 fell 27% to USD52.8 million from USD71.9 million a year before. Pretax profit slumped 75% to USD544,000 from USD2.1 million.
"The performance of the group in the first half of the year reflects the impact of the global Covid-19 pandemic. The group experienced lockdowns of varying degrees of interruption and length in all countries in which it operates, although this was mitigated in part by our diversity of manufacturing sites and their classification as essential suppliers," Global Invacom said.
"In the last six months, the group has reduced its administration costs through the reduction in activity at its site in China and through reduced costs, such as travelling, which are a by-product of the Covid-19 pandemic.
Shares in the company were untraded at 7.50 pence each in London on Thursday afternoon.
By Eric Cunha; [email protected]
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