William Sinclair - the growing media and horticulture product supplier - says that whilst order intake and sales early in the season were encouraging, the extent of the growth in revenues compared to the prior year that had been anticipated to result from a return of more normal weather patterns did not fully meet expectations.
Sales to both retail and professional customers have been disappointing. Whilst the company expects broadly to break-even at the underlying EBITDA level, the group will report a significant underlying net loss for the year.
As a consequence of this trading performance, Sinclair's net debt at the interim period end and subsequently is greater than expected, and the company does not therefore intend to pay an interim dividend.
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