9 April 2020 – trading update

The company has issued a trading update for the six month period to 26 March and this has revealed that delays in certain contracts will have a negative impact on the interim results.  in addition, the effects of Covid-19 and the low oil price are also having a detrimental effect on performance and given the current uncertainty the company has withdrawn guidance for the full year.  In the circumstances we reduce our recommendation to HOLD.