Deferral of Publication of Results &COVID19 Update

RNS Number : 7933H

Surface Transforms PLC

27 March 2020

 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

27 March 2020

 Surface Transforms plc

("Surface Transforms" or the "Company")

FCA Moratorium on Publication of Results and COVID-19 update

Surface Transforms (AIM: SCE) today provides an update on the timing of the announcement of its preliminary results for the period ended 31 December 2019.  As announced by the UK Financial Conduct Authority ("FCA") on 23 March, the FCA has written to all listed companies strongly requesting that such companies who were intending on announcing their results in the coming days, observe a moratorium on the publication of their preliminary statements for at least two weeks.  This is intended to ease the practical challenges faced by those companies and the audit profession during the current COVID-19 pandemic. 

Whilst the FCA letter was targeted at Main Market listed companies, Surface Transforms has decided to follow that guidance and will now not announce its audited results for the seven month period ended 31 December 2019 ("FY19") on 30 March 2020. Accordingly, the Company now expects to announce its audited FY19 financial statements in early May. The FY19 results remain in line with the Company's announcement released on 28 February 2020.

In light of this, we are today also providing an update on the effect of the rapidly evolving COVID-19 pandemic on the Company and the measures being taken to actively manage and mitigate the risks to its employees, customers and operations.

In order to ensure business continuity in its day-to-day operations, the Group has implemented a series of actions to protect the health and safety of its employees. These include the segregation of operational teams into distinct shifts; regular dialogue with employees and clients; the strict enforcement of the Company's health and hygiene practices which follow specific health protection protocols; the adoption of flexible working arrangements including home working wherever possible; and stringent restrictions on travel and meetings.

The COVID-19 situation continues to evolve rapidly which could impact revenues going forward.  However, the business remains fully operational and is manufacturing brake discs with sufficient raw material and component inventory to continue to do so for some months.  Since the start of the year, the Company has not yet received any notification of orders being rescinded or OEM deferment of pre-contracted purchases.  The Company remains in active communications with all its key customers; the Board continues to closely monitor the situation whilst also actively exploring the availability of various government announced initiatives and will provide further updates as appropriate.

For enquiries, please contact:

Surface Transforms plc.                                                         [phone]
 

David Bundred, Chairman

Kevin Johnson, CEO 

Michael Cunningham CFO

Cantor Fitzgerald Europe (Nomad & Joint-Broker)   [phone]

David Foreman, Michael Boot (Corporate Finance)

Caspar Shand-Kydd, Maisie Atkinson (Sales)

finnCap Ltd (Joint-Broker)                                                   [phone]

Ed Frisby, Giles Rolls (Corporate Finance)
Richard Chambers (ECM)

For further Company details, visit www.surfacetransforms.com

 

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