Mountfield Group PLC - Essex-based flooring and construction firm - Reports GBP80,605 pretax profit for six months ended June 30, a steep drop from the prior year's GBP719,056 profit. This as revenue drops 36% to GBP5.8 million from GBP9.1 million. Expecting "substantial reduction in turnover and net profit" for 2020 as a whole.
Non-Executive Chair Peter Jay and Chief Executive Andy Collins said: "The substantial deterioration in performance was caused primarily by the contraction in demand for construction services caused by the Covid-19 pandemic. At this relatively early stage it is not possible to determine whether the contraction is a temporary phenomenon or whether its effect will continue to be felt over the longer term.
"The group's executive directors are continually monitoring the market to ensure that the group will be in a position to react quickly to any changes and opportunities as they arise."
Current stock price: 0.35 pence; down 36% on Friday
Year-to-date change: down 80%
By Anna Farley; annafarley@alliancenews.com
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