21st Aug 2020 08:19
(Alliance News) - Holders Technology PLC on Friday said its swung to a loss in the first half of its financial year, with its Lighting & Control Solutions division suffering a substantial revenue hit from the pandemic.
Holders supplies laminates and materials for printed circuit board manufacturers and provides lighting and control solutions to the lighting market and commercial buildings sector. It posted a GBP90,000 pretax loss for the six months ended May 31, swinging from a GBP20,000 profit.
This was largely the result of a 12% revenue decline to GBP5.3 million from GBP6.0 million, including a 29% drop in Lighting & Control Solutions revenue to GBP1.2 million from GBP1.7 million, as the Covid-19 pandemic led to project delays in the UK and resulted in a weaker German market.
Furthermore, Printed Circuit Board division revenue dropped to GBP4.2 million in the first half from GBP4.3 million.
The London-headquartered company maintained its interim dividend at 0.25 pence per share.
Executive Chair Rudolf Weinreich said: "At present we have only limited visibility as to the likely level of trading in the second half of the year. We are encouraged by recent improvements in some divisions, both in quotations and order intake, as compared to the first half but cannot be certain that this will follow through to the end of the year.
"Our management team and work force remain committed to managing costs and containing working capital, so that the business may benefit from any improvement in trading conditions."
Shares in Holders were untraded on Friday, having last closed at 45.00p.
By Anna Farley; [email protected]
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