SDI trades in line, withdraws 2021 guidance

Scientific and technology products manufacturer SDI pulled guidance for 2021 due to the coronavirus pandemic but held forecasts for the current year.

SDI said it had continued to operate at all eight of its operating units following the UK lockdown on 23 March, bringing in roughly £24m in sales during the period.

In order to weather the storm, the AIM-listed firm said it had reduced business costs, including lowering board salaries and fees by 33% and furloughing staff, and had also made use of support programmes by the US and UK governments.

However, due to Covid-19, SDI withdrew its market guidance for the year ending 30 April 2021 due to some disruption to supply and some slow-down in orders.

Chief executive Ken Ford said: "The group remains open for business, although due to Covid-19, sales are at reduced levels.

"Demand for some SDI products has increased and the group looks forward to being able to grow both organically and through acquisition during the new financial year when conditions permit."

As of 0925 BST, SDI shares were up 6.19% at 60p.