KayDav warns of steep profit drop from Covid-19
Revenue has slumped for the trader of wood-based panels and packaging amid the pandemic
Wood-based panel trader and packaging distributor KayDav warned on Tuesday the lack of trading during the lockdown caused by the Covid-19 pandemic would have a severe effect on profits in its six months to end-June.
Headline earnings per share are expected to fall by at least 80%, with the group saying revenue fell 80% in April.
After restrictions on economic activity were lifted in May, trading conditions improved, but revenue was still 30% below that of the same month in 2019.
As of Tuesday, trading in June was on par with the same month in 2019, the group said.
In morning trade, KayDav's little-traded share was unchanged at 54c, having fallen about 27% so far in 2020.