Flowtech Fluidpower Swung to 1st Half Profit
07 September 2021 - 7:12PM
Dow Jones News
By Ed Frankl
Flowtech Fluidpower PLC said Tuesday that it swung to a
first-half profit as volumes and revenue recovered.
The fluid power products supplier said pretax profit in the
half-year was 2.3 million pounds ($3.2 million) compared with a
loss of GBP929,000 in the previous year.
Revenue rose to GBP55.3 million from GBP46.6 million in the
prior-year period, although down 7.2% on what the company called a
more representative first half in 2019.
Flowtech said some of its key customers showed demand above
estimates meaning volumes have returned to pre-Covid levels.
Despite a return to growth, the company said it was hit by
supply-chain challenges in meeting customer demand, and there has
been difficulties in obtaining core product for short-term
needs.
"The post-Brexit trading structure between the U.K. and both
Northern and Republic of Ireland has also been an issue," it
said.
Flowtech said it expects full-year results to be in line with
current market guidance.
Write to Ed Frankl at edward.frankl@dowjones.com
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(END) Dow Jones Newswires
September 07, 2021 04:57 ET (08:57 GMT)
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