Secure Trust Bank PLC Deferral of FY19 results & suspension of dividend (2925H)
24 March 2020 - 6:00PM
UK Regulatory
TIDMSTB
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: 0121 693 9100
Stifel Nicolaus Europe Limited (Joint Broker)
Robin Mann
Gareth Hunt
Stewart Wallace
Tel: 020 7710 7600
Canaccord Genuity Limited (Joint Broker)
Sunil Duggal
David Tyrrell
Tel: 020 7523 8000
Tulchan Communications
Tom Murray
Sheebani Chothani
Tel: 020 7353 4200
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.
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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