Deferral of FY19 results & suspension of dividend

RNS Number : 2925H

Secure Trust Bank PLC

24 March 2020

 

PRESS RELEASE

Tuesday 24 March 2020

For immediate release

SECURE TRUST BANK PLC

Deferral of announcement of Annual Audited Results for the year ended 31 December 2019, Trading Update and suspension of final dividend

Secure Trust Bank PLC announces that the publication of the Full Year Results of the Company and its subsidiaries (the Group) for the period ended 31 December 2019 will be delayed beyond 26 March 2020, the date on which the Results had been expected to be announced.

This decision was made following a request by the Financial Conduct Authority (the FCA) that, in the light of the ongoing COVID-19 developments, companies delay making preliminary announcements that were due in the week commencing 23 March 2020. In response to this request, the Board has agreed to delay announcing the 2019 Full Year Results.

On 15 January 2020 the Group issued a trading statement and noted that t he 2019 full year results are expected to be in line with management's and the market's expectations. This remains the case.

The Group entered 2020 aspiring to deliver double digit percentage growth in profit before tax. After the first two months performance was ahead of management expectations. In recent weeks the UK and global economies have become exposed to unprecedented levels of uncertainty due to COVID-19. The Group is implementing plans which seek to limit the operational and economic impact. Whilst there has been no change in business performance to date, save for reduced demand for the Group's Retail Finance and Motor Finance products, it is impossible to quantify potential COVID-19 impacts with any certainty and the Group is not providing forward guidance for 2020 at this time. For the same reason the Board is not recommending a final dividend for 2019.

The Group remains focused on supporting its customers, staff and business partners while seeking to mitigate risks and continue to generate profits.

Enquiries:

Secure Trust Bank PLC

Paul Lynam, Chief Executive Officer

Tel: [phone]

Stifel Nicolaus Europe Limited (Joint Broker)

Robin Mann

Gareth Hunt

Stewart Wallace

Tel: [phone]

Canaccord Genuity Limited (Joint Broker)

Sunil Duggal

David Tyrrell

Tel: [phone]

Tulchan Communications

Tom Murray

Sheebani Chothani

Tel: [phone]

Forward looking statements

This document contains forward looking statements with respect to the business, strategy and plans of Secure Trust Bank PLC and its current goals and expectations relating to its future financial condition and performance. Statements that are not historical facts, including statements about Secure Trust Bank PLC's or management's beliefs and expectations, are forward looking statements. By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Secure Trust Bank PLC's actual future results may differ materially from the results expressed or implied in these forward looking statements as a result of a variety of factors. These include UK domestic and global economic and business conditions, risks concerning borrower credit quality, market related risks including interest rate risk, inherent risks regarding market conditions and similar contingencies outside Secure Trust Bank PLC's control, any adverse experience in inherent operational risks, any unexpected developments in regulation or regulatory and other factors. The forward looking statements contained in this document are made as of the date hereof, and Secure Trust Bank PLC undertakes no obligation to update any of its forward looking statements.

 

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