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RA International forecast lower revenue amid Covid-19 pandemic
StockMarketWire.com
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Remote site services provider RA International said it expected to report a fall in second-half revenue, citing the impact of the Covid-19 pandemic.
Revenue for the six months through December was expected to be at least $28 million.
In the first half of 2020, the company reported revenue of $35.4 million, implying it expected to report full-year revenue of at least $63.4 million.
For the full year in 2019, RA International reported revenue of $69.1 million.
Gross profit margin in the second half of 2020 was expected to be at least consistent with the 29.1% reported for the first half.
'We exit 2020 encouraged by our financial performance during the year, our contract momentum and growing order book,' chief executive Soraya Narfeldt said
'Reported revenue for the second half of 2020 will be lower than the first half, which we expected in an environment where the Covid-19 pandemic has continued to present varied challenges for us and our customers.'
'Looking ahead, we expect Covid-19 uncertainty to continue to influence customer decision-making, and this may affect the timing of commencement of new projects.'
'However, the risks associated with potential delays are increasingly offset by our growing order book, providing a stronger contractual baseline for the business year over year.'
'This combined with the nature of our bid activity gives us confidence in our growth prospects going forward.'
At 9:44am: (LON:RAI) RA International Group Plc share price was 0p at 44.5p
Story provided by StockMarketWire.com
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