Prime People PLC - Pre-Close Trading Update
Pre-Close Trading Update
The Company expects to report headline Revenue of approximately
The Group's audit is ongoing, and the Directors are evaluating goodwill impairment and are considering an impairment charge for the year to
Net cash, excluding the CBILS loan, at the date of this announcement is
Post year end, and as announced on
The depth and speed of impact on the global economy of COVID-19 has been unprecedented. The Group's trading has been severely impacted in the first six months of the new financial year. We have acted swiftly to take the necessary actions to manage our cost base to reflect expected levels of business. Whilst this process is constantly under review, we consider we have taken the right decisions to secure our businesses. We have the necessary cashflows and bank support (including the CBILS loan announced on
As previously announced, in order to strengthen the balance sheet and aid liquidity, the Board has taken the prudent decision not to pay a final dividend for the year ending
* this figure does not include the impact of any goodwill impairment charges.
"The initial financial effects of the global pandemic were experienced as early as January by our Asian business. The effect on our other businesses started to have impact in early March. Our current financial year will be significantly affected by the pandemic as a consequence of material reductions in NFI and new job instructions. In the first six months of trading
"Since June there has been a modest increase in activity. However, half and full year profitability will be severely impacted. As a result of challenging trading, we expect to take a material reduction in the value of goodwill on our balance sheet.
"At this time the Group holds a strong cash position aided by CBILS arrangements.
"I would like to thank all our staff for their unfailing support, hard work and commitment during these difficult times."
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information, please contact:
| || |
| || |
020 7318 1785
Donka Zaneva-Todorinski, Finance Director
| || |
| || |
Cenkos Securities plc
020 7397 8900
| || |
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the
Quick facts: Prime People
Market Cap: £5.44 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE