IDE Group Holdings PLC Delay of Full Year Results and Trading Update (4496R)
30 Junho 2020 - 3:00AM
UK Regulatory
TIDMIDE
RNS Number : 4496R
IDE Group Holdings PLC
30 June 2020
IDE Group Holdings PLC
("IDE", the "Group" or the "Company")
Delay of Full Year Results for the Year Ended 31 December
2019
IDE, the mid-market network, cloud and IT Managed Services
provider, announces that it now expects to report its full year
results for the year ended 31 December 2019 by 31st July 2020.
The current audit is taking longer than originally expected due
to the restrictions of the current COVID-19 lockdown and does not
relate to any issues with the audit.
Summary of Unaudited Results
-- Revenue of GBP28.2 million (2018: GBP41.1 million).
-- Gross profit margins increased to 22.8% (2018: 16.1%). Gross
profit margins before the impact of IFRS 16 are 22.1%.
-- Adjusted EBITDA** profit GBP1.1 million (2018: loss of GBP3.9
million). The adjusted EBITDA of GBP1.1 million has benefited by
GBP0.9 million due to the adoption of IFRS 16 with costs now taken
in depreciation and finance costs.
-- Additional funding raised of GBP11.5 million in the form of
six-year secured loan notes from existing shareholders.
-- No external debt other than with key shareholders.
-- Stable leadership and consistent senior management team in place.
-- Partnership channel delivering revenues from public sector.
-- Strong partnership and direct customer pipeline of opportunities.
** Adjusted EBITDA is defined as earnings before interest, tax,
depreciation, amortisation, impairment charges, exceptional items,
loss on disposal of fixed assets and share-based payments
Current trading and outlook
Trading in the current financial year remains broadly in line
with management expectations, although the mix has changed due to
the current COVID-19 crisis. We have won and implemented additional
projects in the Managed division supporting mobile working across a
number of our clients, offset by the expected pipeline of projects
being deferred into the second half. The Board is confident in its
strategy and continues to enhance operational efficiency in our
core services and strengthen the senior management team in order to
deliver an improved trajectory through 2020 and beyond.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
IDE Group Holdings PLC Tel: +44 (0)344 874 1000
Andy Parker, Non-Executive Chairman
finnCap Limited Tel: +44 (0)20 7220 0500
Nominated Adviser and Broker
Corporate finance: Jonny Franklin-Adams/ Hannah Boros
ECM: Tim Redfern/ Richard Chambers
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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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