April 23, 2020 / 6:08 AM / a month ago

BRIEF-GomSpace Q1 Operating Loss Narrows To SEK 8.5 Mln

April 23 (Reuters) - GomSpace Group AB:

* GOMSPACE (PROVIDER OF NANOSATELLITES) ANNOUNCES ITS QUARTERLY RESULTS FOR THE FIRST QUARTER 2020

* Q1 NET REVENUES INCREASED TO T.SEK 40,455 (29,877)

* Q1 OPERATING RESULT IMPROVED TO A NEGATIVE T.SEK 8,478 (A NEGATIVE 27,630)

* Q1 OF 2020 SHOWS POSITIVE OUTCOME OF COST REDUCTION PROGRAM WHICH WE UNDERTOOK IN 2019

* WE WILL MAINTAIN OUTLOOK FOR YEAR

* ON CORONAVIRUS: WITH SUDDEN GLOBAL RECESSION FROM COVID-19 PANDEMIC, IT WILL NOT BE POSSIBLE TO PRODUCE HIGHLY ACCELERATED GROWTH NEXT COUPLE OF YEARS

* WE WILL NOT BE ABLE TO REACH GOAL OF A TURNOVER AT SEK 1,5 BILLION IN 2023

* LONG-TERM GROWTH EXPECTANCE FOR NANOSATELLITE BUSINESS IS STILL VERY GOOD

* WILL FOCUS ON IMPROVING CASH FLOW POSITION AND EARNINGS ON OPERATIONS Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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