Business
Business Update - COVID-19;Notice of Final results
Business Update - COVID-19;Notice of Final results.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n \n \n RNS Number : 5042I\n Flowtech Fluidpower PLC\n 02 April 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n T\n hursday, 2 April 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n Flowtech Fluidpower plc\n \n \n (\"Company\")\n \n \n Business Update - COVID-19 and Notice of Final results\n \n \n \n \n \n It is at times such as this we are all forced to reflect on what is most important to us. When family, friends and colleagues are faced with challenges that would have been inconceivable only a few weeks ago, we need to be there to support them.\n \n \n \n \n \n With that in mind we are guaranteeing that all our staff, whether currently working or furloughed, will continue to be paid in full, \n at least until the end of April when we will review the situation\n . \n For those that are working but cannot work remotely, we have implemented robust self-distancing procedures. We also recognise that there are several of our smaller suppliers and customers already under stress, and we will be trying to assist them as much as we can. Ultimately, the best thing we can do for all our stakeholders is to ensure that when life does return to normal, the measures we take during this upheaval leave us stronger in every respect. \n \n \n \n \n \n Trading position\n \n \n During Q1 \n t\n he business has performed in line with \n our expectations at the time of the February trading update. Naturally the final few weeks of Q1 suggest an altogether different position going into Q2. While several of our suppliers and customers have suspended operations, these currently only account for 10-15% of revenue, and there has been little slippage in customer receipts helped enormously by the timely Government action. Overall, revenues are currently trending down by around 30%, with expectations that volumes may dip further before recovering. Therefore, we do not believe ...