TIDMFLO

RNS Number : 4590P

Flowtech Fluidpower PLC

10 June 2020

 
 
                                                          Wednesday, 10 June 2020 
 
 
                              FLOWTECH FLUIDPOWER PLC 
                                    ("Company") 
                                   AGM Statement 
 
   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. 
 
   Trading update 
   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 GBP25m 
   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 . 
 
 
 Enquiries to: 
  Flowtech Fluidpower plc 
  Malcolm Diamond MBE, Non-Executive Chairman 
  Bryce Brooks, Chief Executive Officer 
  Russell Cash, Chief Financial Officer 
  Tel: +44 (0) 1695 52796 
  Email info@flowtechfluidpower.com 
 
  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) 
  Fiona Tooley 
  Tel: +44 (0) 7785 703523 or email : fiona@tooleystreet.com

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END

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June 10, 2020 02:00 ET (06:00 GMT)

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