The Covid-19 pandemic has reaffirmed the commitment by Neo Group to expand its different business segments, develop multiple revenue streams and not to be overly dependent on any one of them.

With safe management measures and the ban on large-scale events and conferences still in place, the integrated food solutions provider is bracing for a prolonged dip in catering sales.

In 4QFY2020 ended March, Neo Group reported an 86% drop in earnings to $0.6 million from a year ago on the back of a 13.6% drop in revenue to $44 million. Revenue from food catering plunged 17.1% to $21.5 million due to the cancellation of corporate events. Revenue from food manufacturing was up 3%.

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