Global Invacom Group Limited Current Trading & COVID-19 Update (8374M)
14 May 2020 - 4:01PM
UK Regulatory
TIDMGINV
RNS Number : 8374M
Global Invacom Group Limited
14 May 2020
14 May 2020
Global Invacom Group Limited
("Global Invacom", the "Company" or the "Group")
Current Trading & COVID-19 Update
Global Invacom (SGX: QS9) (AIM: GINV), the global provider of
satellite communications equipment and electronics, provides the
following trading and COVID-19 update.
In general, the current global COVID-19 pandemic has had a
negative impact on Group for the financial period ended 31 March
2020 ("Q1 FY2020").
Based on a preliminary review and estimates of the unaudited
management accounts of the Group as at the date of this
announcement, the financial assessments and impact on the Group
from the COVID-19 pandemic situation for Q1 FY2020 are as
follows:
-- Group revenue for the period ended 31 March 2020 is 31.1%
lower than the corresponding period in Q1 FY2019. Based on the
unaudited financial statements, revenue for Q1 FY2020 is lower at
US$26.4 million due to reduced orders from our customers and some
impact on our production facilities around the world as we adapted
our working practices to comply with regional variations on social
distancing and best practice during the pandemic. The unaudited
loss in Q1 FY2020 was US$1.1 million mainly due to this reduction
in revenue, which is the Group's second lowest since 2013.
-- The Group has been working to reduce its operating costs
which have declined by 7.2% on Q1 FY2019.
-- The Group continues to see demand from its customers during
this pandemic period and the Group is deemed an essential supplier
for its supply of equipment to the Communications, Entertainment,
Medical and Military markets.
As there are too many uncertainties over how long the COVID-19
outbreak will last, the Group will continue to monitor the
financial impact and make appropriate announcements to keep
shareholders apprised on any material developments.
The Company is currently making preparations for its annual
general meeting ("AGM") to be held in June 2020. Once the date and
time is fixed, the Company will issue a notice of AGM to all
shareholders.
Shareholders and potential investors are reminded to exercise
caution when dealing or trading in the securities of the Company
and should consult their stockbrokers, bank managers, solicitors,
accountants or other professional advisers if they are in doubt
about the actions that they should take.
For further information, please contact:
Global Invacom Group Limited www.globalinvacom.com
Matthew Garner, Chief Financial Officer Tel: +65 6431 0782
Tel: +44 203 053
3523
finnCap Ltd (Nominated Adviser and Joint www.finncap.com
Broker)
Christopher Raggett / Matthew Radley Tel: +44 207 220
(Corporate Finance) 0500
Mirabaud Securities LLP (Joint Broker) www.mirabaud.com
Peter Krens (Equity Capital Markets) Tel: +44 207 878
3362
Vigo Communications (Media & Investor www.vigocomms.com
Relations)
Jeremy Garcia / Charlie Neish Tel: +44 207 390
0238
ginv@vigocomms.com
About Global Invacom Group Limited
Global Invacom is a fully integrated satellite equipment
provider with six manufacturing plants across China, Israel,
Malaysia, UK and the US. Its customers include satellite
broadcasters such as BSkyB of the UK and Dish Network of the USA
and Data over Satellite providers including Hughes Network Systems,
Viasat and Gilat Satellite Networks.
Global Invacom provides a full range of antennas, LNB receivers,
transceivers, fibre distribution equipment, transmitters, switches
and video distribution components and electronics manufacturing
services in satellite communications as well as manufacturing
services in military, medical, and consumer electronics industries.
Following the acquisition in 2015 of Global Skyware, a leading US
-- based designer and supplier of satellite antennas products and
services, the Company became the world's only full -- service
outdoor unit supplier.
Global Invacom is listed on the Mainboard of the Singapore
Exchange Securities Trading Limited and its shares are admitted to
trading on the AIM Market of the London Stock Exchange.
For more information, please refer to www.globalinvacom.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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