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Flowtech sees revenue falling 15% on weakness in components division
StockMarketWire.com
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Fluid power products and services supplier Flowtech said it expected to reported a fall in annual revenue on weakness in its components division.
For the year ended 31 December, revenue was expected to fall by 15% to £95.1 million year-on-year.
The components division saw revenue fall by 17%, while the services devision reported a 4% decline in revenue.
'The impact of the pandemic resulted in April revenue being 41% down compared with April 2019 and Q2 33% down against Q2 2019,' the company said. 'Since April, our revenues have recovered; H1 was 22% down and H2 8% down against comparative 2019 periods.'
Looking ahead, the company said that Whilst it is not underestimating the difficulties, it was 'cautiously optimistic of improving performance in 2021.'
The group's preliminary results were scheduled to be released during April 2021.
Story provided by StockMarketWire.com
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