artec technologies - Uncertain outlook persists for H221

artec’s H121 results showed a 12% y-o-y fall in net revenues to €1.14m, as the group continues to suffer from the economic impact of the pandemic. Global supply chains remain under stress, leading to difficulty in sourcing hardware and project delays. Although management remains positive for FY21, this increases the uncertainty for the FY21 outcome, with projects liable to slip into H122 from the seasonally busiest quarter, Q4. Good cost control with expenses restricted under COVID-19 offset these factors, meaning that H121 EBITDA was up marginally to €0.07m, with the H121 EPS loss in line with H120 at €0.10 per share. Gross cash rose to €0.53m, although artec is considering a further bond issue to support investment.