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.