April 28, 2020 / 5:37 AM / a month ago

BRIEF-Eurofins Scientific Q1 Revenues Up 7% at EUR 1.14 Bln

April 28 (Reuters) - Eurofins Scientific SE:

* EUROFINS SCIENTISTS DEVELOP MULTIPLE NEW SOLUTIONS TO SUPPORT FIGHT AGAINST COVID-19 PANDEMIC

* Q1 2020 REVENUES INCREASED 7% YEAR-ON-YEAR TO EUR 1,142M FROM EUR 1,067M IN Q1 2019

* OUTLOOK: IT IS DIFFICULT TO PREDICT IMPACT OF COVID-19 PANDEMIC ON REMAINDER OF YEAR, AS ECONOMIC AND LOCKDOWN SITUATIONS EVOLVE RAPIDLY IN MOST GEOGRAPHIES

* OVERALL ORGANIC GROWTH REMAINED STRONG IN Q1 2020

* IS RAMPING UP PRODUCTION TO ENABLE OVER 20 MILLION PATIENTS TESTS PER MONTH BY END OF MAY

* DECIDED NOT TO WITHDRAW OR UPDATE OBJECTIVES IT SET FOR 2020

* IMPLEMENTED CONSERVATIVE MEASURES IN TERMS OF CAPEX AND M&A SPEND, AS WELL AS WITH REGARDS TO HIRING AND MANAGEMENT OF PERSONNEL COSTS TO MINIMISE ITS CASH OUTFLOW

* EXPECTS SOME OF ITS LABORATORIES TO BE DIRECTLY AND INDIRECTLY AFFECTED BY LOCKDOWNS, ESPECIALLY IN APRIL AND MAY 2020

* ON 17 APRIL 2020, EUROFINS ALSO LAUNCHED SEROLOGY TESTING KITS TO BE USED BY STATE OR PRIVATE LABORATORIES ON MOST OPEN SYSTEMS AND IS EXPECTING TO REACH A PRODUCTION CAPACITY OF OVER 10 MILLION TESTS PER MONTH BY END OF MAY

* GLOBAL CAPACITY ACROSS ITS LABORATORY NETWORK FOR ANTIBODIES TESTING SERVICES IS EXPECTED TO EXCEED 2 MILLION TESTS PER MONTH BY MID-MAY

* IS WELL-FUNDED WITH SIGNIFICANT CASH ON ITS BALANCE SHEET AND UNDRAWN LONG-TERM CREDIT FACILITIES, WHICH TOGETHER REPRESENTED OVER EUR 1 BILLION AT END OF MARCH, IN ADDITION TO CREDIT FACILITIES USED TO BACK UP ITS COMMERCIAL PAPER PROGRAMME

* BOARD MEMBERS AND GROUP’S CEO HAVE DECIDED TO CONTRIBUTE 25% OF THEIR COMPENSATION TO A SOLIDARITY FUND DURING Q2 2020

* HAS DECIDED TO PROPOSE TO JUNE 2020 ANNUAL GENERAL MEETING TO NOT DISTRIBUTE A DIVIDEND FOR 2019

* WE REMAIN VERY CONFIDENT AND EXCITED ABOUT COMPANY’S LONG-TERM PROSPECTS - CEO

* DUE TO UNPRECEDENTED CIRCUMSTANCES LINKED TO COVID-19 PANDEMIC, HAS DECIDED TO POSTPONE AGM TO 26 JUNE Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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