React makes 'strong progress' amid Covid-19
By Iain Gilbert
Date: Wednesday 21 Oct 2020
(Sharecast News) - Cleaning, hygiene and decontamination company React Group said on Wednesday that it had continued to make "strong progress" in the year ended 30 September.
React reported organic revenue growth of 42% to approximately £4.4m for the full-year, with the group now expecting pre-tax profits to be ahead of market expectations.
The AIM-listed firm said its outperformance was driven by both strong trading in its core business and heightened demand for Covid-19 decontamination services.
React also highlighted that its financial position was "robust" and said underlying cash generation remained "strong", leaving it with a net cash balance ahead of market expectations at £1.8m.
Chief executive Shaun Boak said: "Whilst we have seen a level of disruption from Covid-19, we have also experienced incremental demand. Core sectors of the business performed well alongside net new customer relationships that have evolved in areas of development such as education and residential care homes.
"The new financial year has started well with momentum continuing. The immediate outlook is positive, although we are mindful that the seemingly ever-changing environment in which we work can bring with it both opportunities and challenges."
As of 1100 BST, React shares were up 8.33% at 1.30p.
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