UK's Flowtech Fluidpower dives on weak outlook
31/07/2023 11:00
** Shares of Flowtech Fluidpower FLOL.L fall as much as
17.7% to a three-week low of 95p
** The specialist technical provider of fluid power and
motion control products and engineering services sees FY23
out-turn to be "significantly behind" previous expectations
** Co says there are adverse market headwinds into H2 of
FY23 with several OEMs citing a slowdown in project velocity
amid a more general cooling across broader industrial markets
** Stock set to post best day since March 17, 2020, if trend
holds
** Shares currently at session low, taking YTD losses to
about 12%
(Reporting by Aby Jose Koilparambil in Bengaluru)
((abyjose.koilparambil@thomsonreuters.com))