Business
Technicolor Update on COVID-19 (MESA)
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Technicolor is closely monitoring the evolution of the Covid-19 pandemic. Its priority is to support Technicolor’s customers throughout this difficult period and to ensure the safety of its employees.
Restrictions imposed to prevent the spread of the virus currently limit its operations in several markets including France, United Kingdom, India, Canada and the United States. While the company has successfully implemented work from home arrangements to ensure continuity and productivity across the group, including in Production Services, and supply chains in China have resumed activity, supporting Technicolor’s Connected Home division, there remains significant uncertainty around the duration and magnitude of the disruption caused by this pandemic.
Due to the current challenges associated with assessing and quantifying the full impact of the pandemic at this stage, the Group is hereby suspending the previously issued 2020-2022 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. Technicolor has already started to work on the expected second stage of its transformation programs, 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.
