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Construction materials company investor SigmaRoc said it had performed better than expected in the first quarter, but anticipated a tougher second quarter due to the Covid-19 crisis.
Revenue in the three months through March rose 87% to £26.5m, while underlying earnings before interest, tax, depreciation and amortisation more than doubled to £5.25m.
Operational disruptions caused by government lockdowns were expected to reduce activity and demand in the month of April and possibly the month of May.
That would result in 'substantially reduced revenue and EBITDA performance in the second quarter' relative to previous expectations.
As at 3 April, the company had £11m in cash reserves and undrawn headroom of £5m under its revolving credit facilities, which it said provided a 'strong' liquidity position.
At 10:01am: (LON:SRC) SigmaRoc Plc share price was -0.4p at 23.1p