Tex Loss Widens Despite Revenue Boost; No Dividend Amid Covid-19

(Alliance News) - Manufacturing firm Tex Holdings PLC on Monday said revenue rose in 2019, though ...

Alliance News 1 June, 2020 | 6:06PM
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(Alliance News) - Manufacturing firm Tex Holdings PLC on Monday said revenue rose in 2019, though its annual loss slightly widened.

Revenue in 2019 climbed 7.2% to GBP43.1 million from GBP40.2 million. Tex's pretax loss widened to GBP897,000 million from GBP877,000.

Tex said its finance costs more than trebled to GBP476,000 from GBP154,000 in 2018.

Tex explained: "Profits for the Plastics division remained stable, with increased operating costs being offset by a modest increase in sales. The Engineering Division experienced another challenging year resulting in a further loss. However, the division has entered 2020 with an order book in excess of GBP10 million with the conversion rate of enquiries improving as a degree of certainty has returned to the market.

"The Plastics division has continued to trade profitably, however the performance for the year will now be reduced by the impact of Covid-19, which is expected to reduce volumes for a period of time."

Tex said it has taken advantage of UK government financial support measures. At present, 50% of its workforce has been furloughed.

The company decided against a dividend for 2019, due to the pandemic, after a 2.5 pence payout in 2018.

Shares in Tex are currently suspended from trading, though it has applied for trading of its stock to resume.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Tex Holdings PLC 73.00 -

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