27th Jul 2020 14:28
Tex Holdings PLC - Suffolk-based engineering and plastics manufacturing group - Reports cashflow is at critical levels but government furlough scheme has provided a solid base for recovery next year. The company's plastics division has been trading at 70% of expected levels after seeing an increase in trading with the medical and hygiene sectors. Tex Engineering suffered during the lockdown but saw June intake recovering to pre-Covid-19 levels. The prospect of future investment in major infrastructure projects gives grounds for cautious optimism, the company said. The group does not expect to see growth this year, but will continue minimising costs. It also announced it needs additional working capital and has approached a major shareholder for further funding.
Current stock price: 73.00 pence
Year-to-date change: Suspended since April 2019
By Greg Roxburgh; [email protected]
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