May 14, 2020 / 5:59 AM / 20 days ago

BRIEF-Netgem Q1 Consolidated Net Revenue Up At 6.8 Million Euros

May 14 (Reuters) - NETGEM SA:

* SUSTAINED ACTIVITY IN THE 1ST QUARTER OF 2020

* GOOD RESILIENCE TO THE COVID-19 CRISIS

* Q1 NET REVENUE, WHICH IS UP 106% COMPARED TO Q1 2019, TAKES INTO ACCOUNT THE CONSOLIDATION OF VITIS IN LINE WITH THE NEW GROWTH STRATEGY FOCUSED ON THE BUSINESS OF VERY HIGH SPEED INTERNET ACCESS PROVIDER

* GROUP’S BOARD OF DIRECTORS PROPOSAL TO SUSPEND THE 2020 DIVIDEND FOR THE 2019 FINANCIAL YEAR

* GROUP HAD SOLID CASH POSITION OF € 11 MILLION AT END OF MARCH 2020, AND REMAINS CONFIDENT ABOUT ITS ANNUAL OUTLOOK, WITH 75% OF RECURRING SERVICE REVENUES

* HOLDS THE NECESSARY ASSETS TO EMERGE STRONGER FROM THIS ECONOMIC AND HEALTH CRISIS

* Q1 CONSOLIDATED NET REVENUE EUR 6.8 MILLION VERSUS EUR 3.3 MILLION YEAR AGO

* GROWTH IN TURNOVER IN Q1 ILLUSTRATES RESILIENT NATURE OF OUR ACTIVITY AND RELEVANCE OF OUR POSITIONING ON VERY HIGH SPEED INTERNET ACCESS AND ENTERTAINMENT MARKET

* SUSPENDED 2020 DIVIDEND FOR 2019 FINANCIAL YEAR

* TEMPORARY DROP IN THE CEO’S COMPENSATION DURING THE PERIOD OF PARTIAL UNEMPLOYMENT OF PART OF THE EMPLOYEES

* HOLDS THE NECESSARY ASSETS TO EMERGE STRONGER FROM THIS ECONOMIC AND HEALTH CRISIS BECAUSE OF ITS AGILE ORGANIZATION AND ITS MARKET POSITIONING Source text: bit.ly/2yUv9jW Further company coverage: (Gdansk Newsroom)

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