- Flowtech Fluidpower warned on profit as 'challenging' market conditions in the second of the year hurt growth.

The company said revenue declined about 10% in the fourth quarter, and, as a result, it now expected revenue to fall about 1.5% to £112.4m and underlying pre-tax profit of not less than £9m.

'Market conditions in the second half of 2019, in particular the final quarter, have been challenging; data from the British Fluid Power Association shows a decline in distribution channel revenues of 7% and 13% for October and November respectively, and a decline in revenue of in excess of 10% in October for the manufacturers within the sector,' the company said.

Efforts to cut costs would be offset, at least in part, by market conditions remaining challenging, it added.

Flowtech Fluidpower was set to issue a further detailed trading update during the week commencing 10 February.

At 9:20am: [LON:FLO] Flowtech Fluidpower Plc share price was -26.25p at 100.75p

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