AGM Statement

RNS Number : 4356R

Touchstar PLC

30 June 2020

 

Touchstar plc

(the "Company", "Touchstar" or the "Group")

TRADING UPDATE

Touchstar plc supplies turnkey mobile solutions to the logistics, warehousing and fuel delivery markets in addition to providing access control to high profile and public sector buildings announces that the Chairman will give the following trading update at the Company's  AGM later today.

Trading Update

The forward momentum we had entering this year continues to drive the business forward and we expect a profitable outcome for the six month period ending 30 June 2020.

We continue to outperform against the expectations contained in our roadmap to navigate through this Covid-19 crisis (C-19).

We expect to report what we believe will be a strong interim result for the six months ending 30^th June 2020 in early September.

The positive trading has flowed into greatly improved cashflow. We continue to generate free cash and will report significantly higher cash balances at the interim stage than those we started 2020 with. This is testament to management's determination, focus and the resilience shown by the business through such a challenging period.

New orders continue to be taken, with the order book expected to be over £500,000 at the end of June.

We continue to be defensive, with the Group focused on the same three factors. First, looking after our employees; second, to continue to support our customers; and thirdly, cash

In addition to this internally generated cash, our balance sheet has been strengthened further by the approval and drawdown of a £150,000 government Coronavirus Business Interruption Loan (CBIL's). Furthermore the Company currently has additional undrawn banking facilities of £300,000 available.

We feel that the C-19 crisis is far from over and the negative economic implications from this health crisis are now starting to be revealed. So, given the uncertainty, we are not yet in a position to give full year guidance for either 2020 and 2021 until at least the release of our interim results in September.

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For further information please contact:

Touchstar plc	Ian Martin Mark Hardy	0161 8745050 0161 874 5050
WH Ireland - Nominated Adviser	Mike Coe/ Chris Savidge	0117 945 3472

Information on Touchstar plc can be seen at: www.touchstarplc.com

 

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