Manufacturer to accelerate cost-cutting as pandemic pushes group into the red
Hydraulics group Flowtech Fluidpower is to accelerate its cost-saving plans after the pandemic caused it to record a first-half loss of nearly £1m.
Revenues were down 22% in the first half of the year, to £46.6m, and the group said its response to Covid-19 has been "resilient".
But it was already making changes to cut costs, which has taken on greater urgency.
Flowtech's non-executive chair Roger McDowell said: "We were already engaged in a process of rationalising operating sites and reducing costs, but, given the ongoing ... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
