28th Jul 2020 18:24
Flowtech Fluidpower PLC - Cheshire-based valves and hydraulic components maker - Revenue for the six-month period to June, was down GBP13.0 million, or 22% on a like-for-like basis. Second-quarter most materially affected by Covid-19, down 33% against prior year. April's revenue was most hit, down 41% on a like-for-like basis, as a large proportion of our customers were closed. However, Flowtech is seeing an improving trend in trading, with the like-for-like revenue down 34% and 25% in May and June, respectively. Says improved trading, combined with restructuring and cost-saving initiatives, should result in a profitable and cash generative second half of 2020. Has no immediate plans to reinstate formal earnings guidance.
Current stock price: 74.00 pence
Year-to-date change: down 41%
By Arvind Bhunjun; [email protected]
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