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12 Jul 2019 | 08:32

Flowtech Fluidpower revenues raises 5.7% on H1

Fluid power products supplier Flowtech Fluidpower reported an increase in revenue in the first half of the year, but slowing second-quarter growth kept a lid on growth.

For the six-month financial reporting period ended 30 June, group revenue increased by 5.7%. On a like-for-like trading days' basis organic growth was 2.9%, the balance resulting from 2018 acquisitions.

In the second quarter, the company saw a reduction in organic revenue growth, relative to the first quarter, reflecting the 'wider economic conditions.'

'Overall, our trading in the first half is in line with full year market expectations and we continue to expect to deliver another year of solid progress despite less buoyant market conditions,' the company said.

'The Directors remain confident about the future for the Group and look forward to updating shareholders on its cost reduction and working capital initiatives at the time of the Half-year results,' it added.

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