Cogeco revenue stable in Q2 2020, company withdraws guidance for fiscal 2020

MONTREAL — Cogeco Inc. released its second quarter 2020 financial results late Tuesday while also announcing it is withdrawing its financial guidance for the fiscal year 2020 due to the economic uncertainty created by the Covid-19 pandemic. The company says the negative impact of Covid-19 will be felt especially by its radio operations which generate revenue primarily from the retail industry, a sector hit hard by mandated closures. The company has already downsized its radio division. For the second quarter of 2020, Cogeco reported its revenue remained essentially stable compared to the same period of 2019 and reached $610.8 million....