FY2019 was a very tough year for the Group, characterised by the decision to cease investment in its Thin Film technology and issues affecting the performance of the core Printhead business. The adjusted loss before tax was £69.8m and included a loss of £9.8m (FY2018 - £4.5m profit) in respect of continuing operations. Period end net cash was £25.3m and this provides the new management team with the resources to implement their strategy and to withstand the uncertain impacts of COVID-19 that are behind today’s expected withdrawal of financial guidance. Whilst management reiterates that the Group has yet to see a significant impact on demand, the statement highlights that the situation continues to evolve rapidly, resulting in actions being taken to preserve cash and to maintain liquidity, including also the use of Government support measures as appropriate. The new strategy looks to address key deficiencies in the previous business model and management believes this sets the right course for an eventual return to profitability and growth in the medium term.