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Update on COVID-19 impact on HansaMatrix revenue in Q2 2020
Riga, 2020-07-03 15:21 CEST --
Considering the current developments regarding COVID-19 spread globally and in the Baltic states, with this announcement HansaMatrix informs about revenue development in Q2 2020.
Based on the preliminary data, in Q2 2020 COVID-19 situation impact on HansaMatrix consolidated revenue is comparably limited, the Company turnover in Q2 2020 amounts to 5.26 million EUR which is 11.89% decrease year-on-year basis, compared to Q2 2019. Moreover Q2 2020 turnover increased by 1.53% compared to the previous quarter Q1 2020.
Factors influencing the year on year decrease in revenue in Q2 2020 are related to COVID-19 global spread and are the following: personell safety issues, supply chain disruptions, and customer demand weakening.
For trend analysis Q2 2020 montly turnover development has been the following:
April 1,57M EUR
May 1,49M EUR
June 2,20M EUR
Usually in Q2 we see revenue distribution evenly across months, but this year Q2 resulted in revenue dip in April and May and recovery trend already in June.
HansaMatrix management believes that COVID-19 situation greatest impact on the Company business volumes concentrated in the period from February, 2020 until May, 2020. Revenue forecasts for the future business volumes indicate certain improvements, nevertheless due to still quite unpredictable development of overall COVID-19 situation it is too early to provide the estimations of the potential impact on HansaMatrix sales in Q3 and Q4 of 2020.
Māris Macijevskis, CFA
Management Board Member, Finance director
Phone: (+371) 6780 0002
HansaMatrix is a fast-growing, high-technology company offering product design, industrialization and complete manufacturing services in data networking, Internet of Things, industrial segments and other services to high added value business segments. In addition to complete manufacturing services of OEM products, the company offers an ODM business model to both start-up and established companies that seek product development partnerships.