May 18, 2020 / 5:15 AM / 11 days ago

BRIEF-B&S Group Q1 Overall Turnover Down At 420.5 Million Euros

May 18 (Reuters) - B&S Group SA:

* B&S GROUP PUBLISHES Q1 2020 TRADING UPDATE

* B&S GROUP REAFFIRMS THAT IT HAS A SOLID BALANCE SHEET AND SUFFICIENT CREDIT FACILITIES TO COVER ITS LIQUIDITY NEEDS

* WE ARE CONTINUING OUR 2020-2022 STRATEGIC INITIATIVES WITH AN ENHANCED FOCUS ON OPTIMISING INTERNAL PROCESSES AND DIGITISING OUR OPERATIONS

* COVID-19 VIRUS INITIALLY IMPACTED OUR ASIAN MARKETS IN THE FIRST MONTHS OF Q1, WHERE IN THE LATTER PART OF MARCH THE CRUISE AND TRAVEL RETAIL MARKETS CAME TO A STANDSTILL

* ALTHOUGH EARLY DAYS, AT END OF QUARTER WE BEGAN TO NOTICE FIRST SIGNS TOWARDS RECOVERY IN OUR ASIAN MARKETS

* Q1 1.3% OVERALL TURNOVER DECLINE TO EUR 420.5 M AT REPORTED RATES OR EUR 415.4 M AT CONSTANT CURRENCY IN Q1 2020 (Q1 2019: EUR 425.9 M)

* OUR ONLINE SALES TO PLATFORMS AND THE ACQUIRED MEDICAL SUPPLY BUSINESS OF LAGAAY TO A LARGE EXTENT COUNTERBALANCED THE EFFECT OF COVID-19 ON TOTAL TURNOVER, RESULTING IN A 1.3% OVERALL TURNOVER DECLINE TO € 420.5 M Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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