COVID-19 and Results Date Update
COVID-19 update and delay to announcement of final results
The Company has acted quickly to follow Government guidelines, prioritising the safety of our staff. Following on from last year’s reorganisation, it had already established the ability for employees to work from home and this has been rolled out to the majority of our colleagues across the world. This is allowing the Company to continue to support its clients in their day to day working.
We are pleased to report that, prior to the impact of COVID-19, the Group had enjoyed a strong start to the year, with orders comfortably ahead of internal targets and early results suggesting that the Group was on track to return to profitability in H1.
As with other firms, the Group has seen a significant reduction in demand for our products and services over recent weeks as well as clients requesting relief on contractual terms. The Board has reacted swiftly to this, taking advantage of various government schemes, including furloughing, and it is pleased to report that all staff have given their support to the Board’s plans by accepting a Group-wide temporary pay-cut, including all executive and non-executive directors.
While it is too early to quantify the impact of the pandemic on our full year results, it is clear that – despite our encouraging start to FY 2020 – the impact of COVID-19 will now have a material adverse effect on the Group.
The inherent uncertainty of the situation also means that the Company is unable to give precise guidance at this time on the likely 2020 outturn, other than that it will be significantly below any previous expectations in the market.
In addition to the significant cost reductions, the Board has taken steps to protect the Group’s cash position. We have agreed postponement of bank loan repayments for 6 months and will also be seeking support through the UK Government’s Business Interruption Loan scheme.
Provided such support is forthcoming, the Board does not anticipate, at this stage, seeking support from our investors.
Postponement of results
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
|Giles Fearnley||Chairman||via Walbrook PR|
|Jason Starr||Chief Executive||via Walbrook PR|
|Julie Pomeroy||Finance Director||via Walbrook PR|
|Chris Fielding||WH Ireland Limited (Nominated Adviser)||020 7220 1650|
|Tom Cooper/Paul Vann||Walbrook PR||020 7933 8780
0797 122 1972
Notes to Editors:
Recently published content from across the Group includes:
GatedTalent offers 6 months free access to retained executive search firms: https://www.talentis.global/insights/retained-search-firms-access-gatedtalent-for-free/
How to be headhunted: https://www.talentis.global/insights/headhunters-find-a-job/
Temporary Recruitment Software: https://www.voyagersoftware.com/temporary-recruitment-agency-software/
Voyager Software Australia: https://www.voyagersoftware.com/au/