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Energy Technologies (ASX:EGY) expects revenue drop due to COVID-19 and relocation
  • Energy Technologies (EGY) has seen a drop in its revenue due to COVID-19
  • The company expects its group revenue to be between $9.5 million and $10.5 million for the 2020 financial year
  • This is compares to $12.6 million in the previous corresponding period
  • The decline in sales is due to COVID-19 as well as the relocation of manufacturing operations from New South Wales to Victoria
  • Energy remains in the grey on market close and is trading for 9 cents per share

Energy Technologies (EGY) has seen a drop in its revenue due to the COVID-19 pandemic.

Based on unaudited figures the company expects its group revenue will be between $9.5 million and $10.5 million for the 2020 financial year.

These figures compare to $12.6 million in sales from the previous corresponding period.

The decline is sales is primarily due to the dislocation, including shut-down and project delays, caused by COVID-19.

Additionally, Energy Technologies lost revenue from its final transition of all manufacturing operations and machinery from New South Wales to its new facility in Rosedale, Victoria.

However, the company has confirmed the relocation is now complete and there should be no further impact.

Energy Technologies is a manufacturing investment company focused on the energy and electric power industries. Not only does this include the delivery of electricity to households, but also the provision of electricity to all industrial applications from manufacturing through to infrastructure, defence and beyond.

Energy remains in the grey and shares are trading for 9 cents each.


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