ICT Group N.V. (“ICT”) will update its shareholders on business developments in its AGM, which will be held via audio webcast today.
As indicated in its Q1 results press release, the impact of COVID-19 was still rather limited in the first quarter of 2020, since the lockdown measures took effect in the 2nd half of March. The impact is therefore more significant in the second quarter. The diversification in revenue portfolio and mix in industry sectors is supporting ICT’s business resilience. The activities in Bulgaria and in sectors including public infrastructure and high-tech are hardly impacted by COVID-19, while the time hire services in the industrial automation industry sector are in particularly impacted. As a result, ICT Group’s productivity levels faced a decline of approximately 5% in Q2 to date compared to Q1 2020.
ICT is taking multiple measures to cut and control costs and to preserve cash, including the decision to propose to retain all 2019 earnings to today’s AGM. ICT did not apply for governmental support (NOW – 1) in the Netherlands.
Management is confident that ICT is well positioned to return to its pre-COVID-19 performance levels as soon as current challenging economic circumstances improve. Long term market perspectives remain attractive as we continue to believe in the ongoing digital transformation in all the markets we operate in.