Phoslock Environment Technologies (ASX:PET) slashes revenue guidance due to Covid-19

Company News

by Rachael Jones

Phoslock Environment Technologies (ASX:PET) has slashed its short term forecasts to a range of $30 – 40 million for full year 2020.

The company had previously forecast 2020 revenues of between $50 million and $70 million.

It is a substantial reduction over their previous forecast range, if achieved it would result in a sales increase of approximately 40 per cent, at the midpoint, over last year.

The move is due to new outbreaks of Covid-19 in several countries but particularly in China and the US.

Shares in Phoslock Environment Technologies (ASX:PET) are trading 15.4 per cent lower at 39 cents.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.