Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Fluid power products supplier Flowtech Fluidpower touted improved performance since lockdown measures eased after reporting a decline in first-half revenue owing to the impact of the pandemic.
Revenue for the six-month period to June 2020 was down £13.0m, or 22% on a like for like basis.
The second quarter was the most materially affected by COVID-19, down 33% against the prior year. In April, revenue fell 41% on a like-for-like basis.
The company's gradual return resulted in an improving trend, with the like-for-like revenue down 34% and 25% in May and June, respectively.
'All our key customers have now returned, our supply chain is functioning effectively, and the trends remain encouraging, with July revenue approximately 15% ahead of the same point in June,' the company said.
'Entering the second half of the year we look forward to improving trading conditions. This coupled with our ongoing restructuring activities, should result in a profitable and cash generative second half of 202,' it added.
At 10:01am: (LON:FLO) Flowtech Fluidpower Plc share price was 0p at 76.4p