March 19, 2020 / 6:51 AM / 10 days ago

BRIEF-Parrot FY Net Loss Group Share Narrows To 29.6 Million Euros

March 19 (Reuters) - PARROT SA:

* FY REVENUE EUR 76.1 MLN VS EUR 109.2 MLN YR AGO

* FY NET LOSS GROUP SHARE EUR 29.6 MLN VS LOSS EUR 111.2 MLN YR AGO

* IN 2020, THE GROUP WILL CONTINUE TO FOCUS ON CASH MANAGEMENT AND EFFICIENT ALLOCATION OF THESE RESOURCES BASED ON THE BEST MARKET OPPORTUNITIES

* FY RECURRING OPERATING LOSS EUR 28.4 MLN VS LOSS OF EUR 65.9 MLN YR AGO

* ON CORONAVIRUS CRISIS: GROUP HAS NOT AT THIS STAGE EXPERIENCED ANY ISSUES WITH PRODUCTION (ONLY PARROT BRAND DRONES ARE CURRENTLY PRODUCED IN CHINA) OR ALLOCATION OF COMPONENTS

* OUTLOOK: IT CONSIDERS THAT IT HAS APPROPRIATE STOCKS IN PLACE FOR ITS BUSINESS DEVELOPMENT PLAN OVER FIRST HALF OF 2020

* OUTLOOK: FINANCIAL FORECASTS COULD BE SPECIFIED ONCE CURRENT HEALTH CRISIS HAS ENDED

* GROUP RECORDED CONSOLIDATED REVENUES OF €76.1M IN 2019.

* SEES IN 2020: GROUP’S PROGRESS ON THE SECURITY AND DEFENSE MARKET AND PRODUCT LAUNCHES

* OUTLOOK: GROUP EXPECTS TO MAKE PROGRESS WITH ITS PROJECTS IN DEFENSE AND SECURITY SECTOR, WHILE CONTINUING TO ROLL OUT A SALES STRATEGY TARGETING PROFESSIONALS, BUSINESSES, KEY ACCOUNTS AND GOVERNMENTS

* 2019 NET CASH CONSUMPTION WAS REDUCED TO EUR 35.2M, INCLUDING EUR 13.4M FOR H2 2019, COMPARED WITH EUR 65.3M IN 2018

* OUTLOOK: GROUP REMAINS FOCUSED ON MOVING FORWARD WITH ITS PROJECTS IN 2020 AND VIGILANT CONCERNING POTENTIAL IMPACT OF HEALTH MEASURES ON THEIR FINALIZATION Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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