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Eurocell swings to annual loss, but starts new year well amid H2 recovery
StockMarketWire.com
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Building products provider Eurocell swung to a loss as the spring COVID-19 lockdown hurt activity and weighed on sales in the first half of the year offsetting a recovery in the second.
For the year ended 31 December 2020, pre-tax losses were £1.5 million compared with a profit of £22.7 million year-on-year as revenue fell 8% to £257.9 million.
Sales were down 31% in H1, reflecting business closed from late March to mid-May, but recovery in H2, rising 15% year-on-year.
Looking ahead, the company said it had started the new year well and its focus now included completing the warehouse transition successfully.
'Whilst the current levels of uncertainty mean it is difficult to predict the outcome for the year, 2021 has started well with sales to the end of February up 8% on 2020 and it remains our intention to return to paying dividends this year,' the company said.
At 8:34am: (LON:ECEL) Eurocell Plc share price was 0p at 190p
Story provided by StockMarketWire.com
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