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Vianet swings to loss, scraps dividend
StockMarketWire.com
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Device supplier to hospitality businesses Vianet swung to a first-half loss and scrapped its interim dividend after sales were crunched by the pandemic.
Pre-tax losses for the six months through September amounted to £1.47 million, compared to a profit of £1.77 million year-on-year.
Revenue more than halved to £4.07 million, down from £8.41 million.
Chairman James Dickson said the trading period had been challenging as Covid-related lcokdowns forced closures to the hospitality sector.
Still, he said first-half trading was ahead of management's internal revised revenue and profit forecasts.
'From the outset of the pandemic, our intention was to manage our cash and come through Covid-19 strongly and in better shape to take advantage of the significant opportunities available to the group,' Dickson said.
'Both sides of our business have benefitted immensely from prudent investment and have a healthy pipeline from which to grow.'
'The proactive measures we took early in the pandemic to reduce fees to support our customers has allowed us to retain close relations with them and we believe this will put us in good stead as the impact of the pandemic subsides.'
Story provided by StockMarketWire.com
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