Flowtech Fluidpower widens loss on weak demand, cuts dividend

(Alliance News) - Flowtech Fluidpower PLC on Wednesday said it was disappointed but not surprised by its profit loss in a year of tough market conditions and reduced customer volumes

The Cheshire, England-based supplier of fluid power products, systems and solutions had a pretax loss of GBP27.1 million, widening from GBP12.1 million in 2023.

Their total revenue was GBP107.3 million, decreasing 4.3% from GBP112.1 million in 2023.

Non-Executive Chair Roger McDowell said: "I am disappointed with the financial outcome, with like for like revenue declining by 8.6% as customers reduced volumes, destocked, and delayed project timelines in response to a volatile macroeconomic backdrop. Whilst we outperformed the overall market trend, our decline in sales reflects the tough trading conditions present in our end markets."

Flowtech Fluidpower declared there will be no dividend for 2024, against a 2.2 pence final dividend in 2023.

Although trading headwinds have continued into 2025, Flowtech Fluidpower's trading has been in line with its expectations following the work completed in 2024 to build a more stable platform for focused growth.

Chief Executive Officer Mike England said: "We are well on track with the development of our new digital platform to be launched to market in first half 2025 and there is confidence that the broader strategy and actions taken to grow our addressable market and improve operational efficiency within the business will drive strong returns and improved shareholder value."

Flowtech Fluidpower expects market uncertainty to remain through 2025 given the current Global trade wars.

Flowtech Fluidpower shares were down 1.3% at 48.36 pence each in London on Wednesday afternoon.

By Lucy Dunnet, Alliance News reporter

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