Flowtech Fluidpower Swung to 1st Half Profit

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 [e-mail]

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(END) Dow Jones Newswires

September 07, 2021 04:57 ET (08:57 GMT)

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