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Technicolor suspends financial guidance due to coronavirus

Originally unveiled a strategic plan for the next two years in February

Technicolor is suspending the 2020-22 financial guidance it issued earlier this year in the wake of the coronavirus pandemic.

The company originally unveiled its strategic plan for the next two years in February, which it said was aimed at strengthening its capital structure and strategic flexibility.

However, Technicolor has now said that due to the current challenges associated with assessing and quantifying the full impact of the pandemic at this stage, it is suspending the previously issued 2020-22 financial guidance.

“The Group remains fully committed to significantly improving its profitability and cash flow generation, and continues to implement its previously announced cost savings measures,” said Technicolor in a statement.

“Technicolor has already started to work on the expected second stage of its transformation programmes, accelerating cost reductions and efficiency measures. The company plans to provide updated 2020-2022 guidance once there is more clarity around the impact of the pandemic,” it added.