Schiphol, the Netherlands – 5 May 2020. GrandVision N.V. publishes its First Quarter 2020 trading update.
Highlights:
- First quarter revenue declined by 4.4% at constant exchange rates, strongly impacted by the coronavirus pandemic
- Comparable growth was -8.2%, reflecting a negative COVID-19 impact in the second half of March, following a strong start to the year with 5.5% comparable growth in January and February
- Adj. EBITA (i.e. EBITA before non-recurring items) decreased to €41 million from €107 million in 1Q19 due to the sharp decline of revenue in the second half of March
- In the month of April 2020, COVID-19 caused revenue reduction of more than 80% across GrandVision's business
- COVID-19 contingency plans have been developed and are starting to deliver a mitigating effect
- GrandVision’s net debt slightly increased to €755 million by the end of March, from €753 million at year-end 2019
- GrandVision has decided not to schedule any dividend distribution proposal for the agenda of the Annual General Meeting of 30 June 2020.
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