Wednesday, 10 June 2020
FLOWTECH FLUIDPOWER PLC
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.
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 £25m 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.
Flowtech Fluidpower plc
Malcolm Diamond MBE, Non-Executive Chairman
Russell Cash, Chief Financial Officer
Tel: 44 (0) 1695 52796
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)
Tel: 44 (0) 7785 703523 or email: email@example.com