EQTEC “well placed” once coronavirus adversity reduces

The waste gasification specialist says its technical teams are set up for remote working and it expects no reduction in its design and engineering capability

EQTEC PLC - EQTEC “well placed” once coronavirus adversity reduces

EQTEC PLC (LON:EQT) has told investors it is working to protect cash resources amid the coronavirus (Covid-19) pandemic, by proactively managing capital expenditure and working capital levels.

In a statement, the green-energy company said, specifically, it aims to identify opportunities for savings that will not impact on the long-term success of the company.

Commenting upon the impacts of the virus on operations, EQTEC - which has operations in UK, Spain and Ireland - said that the safety of staff, their families, customers and partners are the priority for the company.

READ: EQTEC hooks up with ewerGy to open up Greece gasification

It has implemented government recommendations including the avoidance of non-essential travel and staff working from home. The company said its technical staff are set up for remote working and it expects no reduction in design and engineering capability.

"We continue to monitor and adhere to the official guidance regarding COVID-19,” David Palumbo, EQTEC chief executive commented.

“It is very hard to predict the full impact of COVID-19 at this stage, however, we are taking all possible actions to manage and mitigate this situation. 

“We have implemented measures to safeguard employee and customer health, as well as maintaining operations during this uncertain time.”

Additionally, the company noted that it had been reassured by the actions of its key partners and suppliers to mitigate against long term impacts.

EQTEC continues to advance its commercial pipeline and aims to continue momentum following increases in commercial enquires and partnerships in core markets.

It highlighted that ‘green economy’ provisions featured heavily in the recent UK government budget – with multi-million-pound spending pots promised for low-carbon transport and renewable energy. 

The company added: “Whilst it is very hard to predict the full impact of COVID-19 on our business at this stage, we believe we are well placed to capitalise on this new reality once the adversity of the current situation reduces.”

Quick facts: EQTEC PLC

Price: 1.28 GBX

Market: AIM
Market Cap: £90.8 m

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