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Equipment provider ELB Group warns of widening loss amid Covid-19

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The pandemic has worsened the effects of an already depressed environment, the equipment group says

07 September 2020 - 08:20Capital equipment provider and engineering firm ELB Group has warned of a profit plunge after the Covid-19 pandemic dealt it a further blow in an already weak trading environment.

The group, which supplies construction and earth-moving equipment, said in a trading update on Monday it expects a headline loss per share of as much as 1,424c in its year to end-June, from 163.7c previously. ELB had warned in August it was facing a profit drop, moving to cut jobs and non-essential spending after the pandemic significantly hit volumes. Conditions had already been depressed, the group said at the time.

ELB’s share has fallen almost 80% so far in 2020, giving it a market capitalisation of R52m on Monday morning.

 

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