Flowtech Fluidpower PLC AGM Statement (4590P)
10 Junio 2020 - 1:00AM
UK Regulatory
TIDMFLO
RNS Number : 4590P
Flowtech Fluidpower PLC
10 June 2020
Wednesday, 10 June 2020
FLOWTECH FLUIDPOWER PLC
("Company")
AGM Statement
Flowtech Fluidpower plc (AIM: FLO), the leading specialist supplier of
technical fluid power components and services, releases the following
statement ahead of its Annual General Meeting (the "AGM") which will be
held today, Wednesday, 10 June 2020 at 10am.
Trading update
During the meeting, the following statement will be read out on behalf
of the Chairman.
"I am delighted with the manner in which the management team, and all
our colleagues within our business, have responded to the challenges presented
by Covid-19, particularly in ensuring the safety of our employees and
the continuity of supply to our customers. It is pleasing to see that
our trading and cash performance have proven to be as resilient as we
had anticipated.
Prior to the impact of Covid-19 the business had been performing marginally
ahead of our expectations in 2020. The last part of March and the whole
of April saw our Revenues reduce by approximately 40%. The impact was
approximately 30% in May and we are confident this improving trend will
continue. The cost reduction measures we had already taken, and those
we took due to the outbreak, have led to an approximate adjusted EBITDA
breakeven position in April and May. We now look forward to a return to
profitable trading as conditions improve. Our cash position remains good;
we continue to operate with significant headroom to our aggregate GBP25m
banking facilities.
We look forward to providing our next Trading Update for Q2 in July."
Due to Government restrictions as a result of Covid-19, the AGM will be
a closed meeting.
For more information please visit www.flowtechfluidpower.com .
Enquiries to:
Flowtech Fluidpower plc
Malcolm Diamond MBE, Non-Executive Chairman
Bryce Brooks, Chief Executive Officer
Russell Cash, Chief Financial Officer
Tel: +44 (0) 1695 52796
Email info@flowtechfluidpower.com
Zeus Capital Limited (Nominated Adviser and Broker)
Andrew Jones, Kieran Russell (corporate finance)
Dominic King, John Goold (sales & broking)
Tel: +44 (0) 161 831 1512
finnCap Limited (Joint Broker)
Ed Frisby, Kate Bannatyne (Corporate Finance)
Rhys Williams, Andrew Burdis (Sales & Broking)
Tel: + 44 (0) 20 7220 0500
TooleyStreet Communications (IR and media relations)
Fiona Tooley
Tel: +44 (0) 7785 703523 or email : fiona@tooleystreet.com
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END
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June 10, 2020 02:00 ET (06:00 GMT)
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