Adelaide Brighton pulls 2020 profit guidance

Australia’s Adelaide Brighton has pulled its 2020 profit guidance due to the economic uncertainty resulting from the coronavirus pandemic, but noted it has AUD450m (US$274.55m) in cash and undrawn bank facilities.

According to the company’s webpage, it still has no known cases of COVID-19 across its business. "All our 130+ locations remain open for business and we are well stocked with raw materials to meet the needs of all our valued customers. We’ll continue to meet with our customers to discuss project requirements," said the company in a statement.

In the weeks since its full-year results announcement on 26 February, the company has reportedly continued to trade in line with expectations.