13th Aug 2020 15:42
(Alliance News) - Tex Holdings PLC on Thursday said it was "adversely impacted" by the Covid-19 outbreak during the first half of 2020.
Revenue in the six months to June 30 fell 15% to GBP18.5 million from GBP21.8 million a year earlier. The Suffolk-based engineering and plastics manufacturing's pretax loss widened to GBP1.4 million from GBP351,000.
"The business overall has been adversely impacted by the Covid-19 situation. As such, the board and senior management team have taken swift and timely action to mitigate the impact caused by the pandemic. The business has made use of the government furlough scheme and has managed costs tightly in all areas. It is expected that the results of these measures will provide a solid base for recovery and growth in 2021 although cashflow continues to be critical," Tex Holdings said.
"As a group, 2020 is no longer a year of planned growth, but a year to review and consolidate the businesses, minimise costs wherever possible and put measures in place to use Covid-19 as a catalyst for change."
Tex shares have been suspended since April 2019.
By Eric Cunha; [email protected]
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