LONDON – Holders Technology posted a revenue decline of 12% to GBP 5.3 million (US$6.9 million) in the fiscal first half of 2020.

The firm recorded a pretax loss of GBP 90,000 for the six months ended May 31, compared to profit of GBP 20,000 in the first half of last year, according to reports.

The printed circuit board division posted revenue down 2.3% year-over-year to GBP 4.2 million.

Covid-19 resulted in project delays and a weaker German market.

"At present we have only limited visibility as to the likely level of trading in the second half of the year,” said executive chair Rudolf Weinreich. “We are encouraged by recent improvements in some divisions, both in quotations and order intake, compared to the first half but cannot be certain this will follow through to the end of the year.

"Our management team and workforce remain committed to managing costs and containing working capital, so the business may benefit from any improvement in trading conditions."

Holders supplies laminates and materials for printed circuit board manufacturers.

Ed.: GBP 1 = US$1.31

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