26 May 2020 – AGM statement

The company has provided an update on current trading at its AGM today confirming that it has traded resiliently through the period of the pandemic so far.  Although activity levels are understandably lower with good demand from some sectors offset by weakness in other sectors, the impact on margins has been less affected due to actions taken by the company to reduce costs at the start of the pandemic.  Although the group is not prepared to provide guidance for the rest of the year, it believes that it is trading well helped by its asset light base and diversified spread of activity.  Around 60% of activity takes place in mainland Europe with a significant part of this in Central and eastern Europe where the effect of Covid-19 has been much less serious.  At current levels the shares are ATTRACTIVE.