Bonhill Group PLC - COVID-19 Update
("Bonhill", the "Company" or the "Group")
The COVID-19 pandemic is causing significant disruption to the Financial Services, Technology and Diversity communities that we serve in our four key geographies, being the
Our overriding concern is the health, safety and wellbeing of our employees, clients and partners. We are complying with all relevant government recommendations globally and our staff are successfully working remotely, made possible by their flexible and positive attitude and our investment in a robust technology platform over the past year. We would like to thank them for their support in this current climate.
In light of recent developments and the conditions in which the Group is now operating, the Board provides the following update:
· At the end of 2019, approximately 40 per cent. of the Group's revenue (
· As announced in its trading update released on
· In 2020, we have run 16 events, but as the impact of COVID-19 has increased this has scaled down, particularly this month, and we have no events scheduled until
· The vast majority of our
· A very small number of events generating a total revenue of approximately
· The impact of the various postponed and cancelled events will vary by geography, but the Company will incur one-off cancellation fees of approximately
· The combined impact of COVID-19 on our events business will be to lower expected revenue by
· Three events have been moved to a webinar format which have been well received by clients who seek to maintain dialogue with their core community. More events will utilise webinar formats if appropriate.
· We have seen a surge of interest in our Small Business offering (www.smallbusiness.co.uk). It had already been performing ahead of budget in the year to date and has seen a five-fold increase in traffic on a daily basis, with
· Last year, we made annualised cost savings of
· Across the Group, costs are being tightly managed, and we are taking actions to conserve cash. As at
Other than those referred to above, all of our remaining events are currently expected to go ahead as planned in Q3 or Q4 2020. The situation is evolving on a daily basis, and we will continue to work hard to mitigate the impact that the outbreak is having on the Company. We would like to thank all of our sponsors, suppliers and delegates for their support.
Outlook, dividend and 2019 full year results
The COVID-19 crisis began in
Given the lack of certainty on the outcome of FY2020 and our actions to conserve cash, the Board is suspending dividend payments until the outlook is clearer and more normal trading conditions have resumed. In the short term, the Board will consult with and update shareholders following release of the Company's unaudited results for the year ended
"COVID-19 has had an unprecedented impact on the global community, as all businesses are being forced to rapidly adapt to overcome this crisis. The Board has taken swift action to protect shareholder value by conserving cash, improving liquidity and reducing costs through headcount reductions.
Our brands serve communities and play an important role in connecting people and enabling business. We are using all appropriate methods to continue this vital engagement and help our clients to stay close to their communities.
Like others, we do not know how long this pandemic will last. However, we are well-positioned to respond quickly when the end is in sight, for there will be no greater business need for events, forums and networking than when we emerge from this global crisis."
For further enquiries please contact:
+44 (0)20 7250 7035
Shore Capital (Nominated Adviser and Joint Broker)
+44 (0)20 7408 4050
+44 (0)20 7523 8000
+44 (0)20 3701 7660
The business creates content, sales and marketing opportunities, networking events and transactional opportunities for its audiences of entrepreneurs, business owners and managers, CTOs & technology leaders, asset & wealth managers, and professional women, in addition to its sponsors, advertising clients and customers. Flagship brands include: InvestmentNews, Portfolio Adviser, Fund Selector Asia,
For more information visit www.bonhillplc.com
This information is provided by RNS, the news service of the
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