April 23, 2020 / 8:19 AM / a month ago

BRIEF-Robit Q1 Adjusted EBITDA Down At EUR 1.0 Mln

April 23 (Reuters) - Robit Plc:

* ROBTI PLC: ROBIT PLC INTERIM REPORT 1 JANUARY – 31 MARCH 2020: NET SALES AND ORDER INTAKE GREW

* Q1 NET SALES EUR 21.5 MILLION VERSUS EUR 20.1 MILLION YEAR AGO

* OUTLOOK FOR ROBIT’S TARGET MARKETS IN 2020 HAS BECOME MORE UNCERTAIN DUE TO PANDEMIC.

* Q1 ADJUSTED EBITDA EUR 1.0 MILLION VERSUS EUR 1.1 MILLION YEAR AGO

* UPDATING OUTLOOK AND GUIDANCE WILL BE POSSIBLE WHEN MARKET SITUATION PROVIDES A NORMAL OPPORTUNITY TO DO SO.

* ON CORONAVIRUS: EFFECTS OF RAPID GLOBAL SPREAD OF CORONAVIRUS PANDEMIC ON DEMAND FOR COMPANY’S PRODUCTS WERE MINOR DURING REVIEW PERIOD.

* EFFECTS OF SAVINGS ASSOCIATED WITH CLOSURE OF ROBIT’S OWN OFFICE BRANCH WILL BE REALIZED FROM Q2 OF 2020 ONWARDS

* WE BELIEVE THAT DEMAND WILL SLOW DOWN TO SOME EXTENT IN COMING MONTHS

* DOES NOT BELIEVE, HOWEVER, THAT SITUATION CAUSED BY PANDEMIC WILL SUDDENLY CHANGE CUSTOMER DEMAND FOR ROBIT’S OFFERING

* CORONAVIRUS SITUATION IS EXPECTED TO HAVE A LIMITED IMPACT ON COMPANY’S DEMAND

* IT APPEARS THAT DRILLING OPERATIONS ON MINING OR CONSTRUCTION SITES WILL CONTINUE LARGELY UNINTERRUPTED Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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