March 12, 2020 / 5:56 PM / 21 days ago

BRIEF-SRP Groupe FY Net Loss Widens To 70.5 Million Euros

March 12 (Reuters) - SRP GROUPE SA:

* SHOWROOMPRIVE.COM: ANNUAL RESULTS 2019 - SHARP IMPACT OF EXCEPTIONAL OPERATIONS ON STOCK (LARGE CLEARANCE AND DEPRECIATION)

* OUTLOOK: NEW GROWTH DRIVERS DEVELOPED, ESPECIALLY IN SRP MEDIA

* FY REVENUES WERE DOWN -8.4% (-8.0% FOR ONLINE ACTIVITIES)

* OUTLOOK: CONTINUATION OF PLAN WITH AIM OF REDUCING OPERATING COSTS WITH A STRONG FOCUS ON LOGISTICSAND G&AEXPENSES

* OUTLOOK: ACTIONS INITIATED CONCERNING PRODUCT OFFERING, DESIGNED TO IMPROVE BUSINESS TREND

* OUTLOOK: ACTIONS INITIATED CONCERNING PRODUCT OFFERING, DESIGNED TO IMPROVE BUSINESS TREND

* FY NET LOSS EUR 70.5 MILLION VERSUS LOSS OF EUR 4.4 MILLION YEAR AGO

* END-FY GROSS CASH AND CASH EQUIVALENTS OF EUR 49.0MILLION

* FY NET FINANCIAL DEBT OF EUR 29.3MILLION (OF WHICH EUR 23.3MILLION DUE TO IMPACT OF APPLICATION OF IFRS 16)

* OUTLOOK: WILL START 2020 WITH AMBITION OF CONTINUING GRADUAL UPWARD TREND AND INCREASE ITS EBITDA MARGIN

* FY EBITDA LOSS OF EUR 31.4 MILLION

* ON CORONAVIRUS: GROUP’S ACTIVITY IS NOT DIRECTLY IMPACTED BY VARIOUS DISTURBANCES LINKED TO COVID-19 EPIDEMIC, EXCEPT FOR “TRAVEL” ACTIVITY

* OUTLOOK: IN 2020, GROUP WILL ENJOY FULL-YEAR EFFECT OF REDUCTION IN GENERAL AND ADMINISTRATIVE EXPENSES

* ON CORONAVIRUS GROUP REMAINS ATTENTIVE TO EVOLUTION OF SITUATION IN ITALY AND EVOLUTION OF SITUATION OF STORAGE/DESTOCKING STRATEGY OF PARTNER BRANDS, PARTICULARLY IN FASHION FIELD Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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