Oct 14, 2020 6:00 PM
The Board of Directors meeting on 14 October 2020 approved the Company's financial statements and the Consolidated financial statements for the Mid-year 2020, according to the IFRS International Accounting Standards.
The turnover and consolidated results of the Gévelot Group for the first half of 2020 compared to the first half of 2019 are as follows:
Key highlights during the first half of 2020
The first half of the year was strongly impacted by the global Covid-19 pandemic that had a major impact on our business and all sectors of the Economy.
In view of this unprecedented situation, the Group immediately implemented a solid action plan in response to the crisis, focusing on two priorities:
The Group's Consolidated turnover for the first half of 2020 amounted to € 42.7 M, in fall of 14.3 % over the same period in 2019. At constant scope and exchange rates, the decline is 17.9 %.
It mainly consists of the Pumps Sector's turnover, declining particularly in Europe and the Middle East.
The Group's current operating income was negative at € 0.6 M against a positive result of € 6.3 M at the end of June 2019.
The operating income was negative: € 0.6 M against € 6.0 M positive at the end of June 2019.
The financial result was negative at € 0.9 M against a positive € 1.0 M in the first half of 2019 due to negative currency effects and less favorable remuneration conditions for our financial investments over this period.
Given the aforementioned facts and after tax, the Net income for the first 2020 half-year (Group share) shows a deficit of € 2.1 M against a profit of € 6.1 M in the first 2019 half-year.
GROUP OUTLOOK FOR 2020
At constant scope, the activity of this sector could decline sharply, mainly in the Industry and Oil & Gas international sectors.
The Turnover of Gévelot SA consisting of rental products and services will be stable.
The consolidated turnover at constant scope should be under the Covid-19 effect, down significantly compared to that of fiscal year 2019.
The 2020 consolidated net income should be close to balance excluding exceptional items not known to date.
The Group's growth strategy has nevertheless continued in Canada in the Oil & Gas sector with the finalization in early August 2020 of the acquisition of certain assets of Halliburton Energy Services Inc. known as Europump Systems Inc.
This asset acquisition is consistent with PCM's strategy of investing in the Artificial Lift and growing the Canadian market.
Finally, in order to strengthen the rental offer of Gévelot SA, discussions concerning possible tertiary investments are continuing in a context of a very uncertain real estate market.
Regulatory filing PDF file
File: GEVELOT - HALF YEAR REPORT 2020
|6 Boulevard Bineau|
|Phone:||+33 1 77 68 31 03|
|Fax:||+33 1 77 68 31 05|
|AMF Category:||Inside information / News release on accounts, results|
|EQS News ID:||1140967|
|End of Announcement||EQS News Service|
1140967 14-Oct-2020 CET/CEST