26th Jan 2021 12:01
Flowtech Fluidpower PLC - Cheshire, England-based valves and hydraulic components maker - Expects to report GBP95.1 million total group revenue for 2020, down 15% from GBP112.4 million in 2019, which is slightly ahead of expectations. Says the majority of this reduction was seen in its Components division. Flowtech says April revenue was down 41% compared to the same period in 2019 due to the impact of the coronavirus pandemic, with first half and second half of the year revenue down 22% and 8% respectively from comparative 2019 periods. Adds net debt at December 31 was GBP11.7 million, comprising GBP10.8 million net bank debt and GBP900,000 of Covid-19 related support from HM Revenue and Customs, which will be repaid by the end of March. Notes this is a GBP4.9 million reduction compared with GBP16.6 million the previous year.
"The continued focus on cash has put us in a healthier position to deal with the prevailing market conditions. Whilst not underestimating the difficulties, we are cautiously optimistic of improving performance in 2021," says Non-Executive Chair Roger McDowell.
Current stock price: 96.75 pence, down 10% on Tuesday
Year-to-date change: up 4.8%
By Zoe Wickens; [email protected]
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