Flowtech Fluidpower Plc (LON:FLO) chairman Malcolm Diamond has described the group’s trading and cash performance as resilient.
Diamond, in a statement ahead of today’s AGM, noted that prior to the coronavirus (COVID-19) pandemic trading was marginally better than internal expectations though revenues fell by 40% during late March and all of April.
Revenues improved in May, to be 30% worse than pre-COVID levels, and Diamond said he is confident that this 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,” he added.
“We now look forward to a return to profitable trading as conditions improve.”
The company’s cash position is described as ‘good’ and headroom is said to be ‘significant’ with £25mln of banking facilities.