Surface Transforms PLC Deferral of Publication of Results &COVID19 Update (7933H)
27 Marzo 2020 - 8:00AM
UK Regulatory
TIDMSCE
RNS Number : 7933H
Surface Transforms PLC
27 March 2020
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
27 March 2020
Surface Transforms plc
("Surface Transforms" or the "Company")
FCA Moratorium on Publication of Results and COVID-19 update
Surface Transforms (AIM: SCE) today provides an update on the
timing of the announcement of its preliminary results for the
period ended 31 December 2019. As announced by the UK Financial
Conduct Authority ("FCA") on 23 March, the FCA has written to all
listed companies strongly requesting that such companies who were
intending on announcing their results in the coming days, observe a
moratorium on the publication of their preliminary statements for
at least two weeks. This is intended to ease the practical
challenges faced by those companies and the audit profession during
the current COVID-19 pandemic.
Whilst the FCA letter was targeted at Main Market listed
companies, Surface Transforms has decided to follow that guidance
and will now not announce its audited results for the seven month
period ended 31 December 2019 ("FY19") on 30 March 2020.
Accordingly, the Company now expects to announce its audited FY19
financial statements in early May. The FY19 results remain in line
with the Company's announcement released on 28 February 2020.
In light of this, we are today also providing an update on the
effect of the rapidly evolving COVID-19 pandemic on the Company and
the measures being taken to actively manage and mitigate the risks
to its employees, customers and operations.
In order to ensure business continuity in its day-to-day
operations, the Group has implemented a series of actions to
protect the health and safety of its employees. These include the
segregation of operational teams into distinct shifts; regular
dialogue with employees and clients; the strict enforcement of the
Company's health and hygiene practices which follow specific health
protection protocols; the adoption of flexible working arrangements
including home working wherever possible; and stringent
restrictions on travel and meetings.
The COVID-19 situation continues to evolve rapidly which could
impact revenues going forward. However, the business remains fully
operational and is manufacturing brake discs with sufficient raw
material and component inventory to continue to do so for some
months. Since the start of the year, the Company has not yet
received any notification of orders being rescinded or OEM
deferment of pre-contracted purchases. The Company remains in
active communications with all its key customers; the Board
continues to closely monitor the situation whilst also actively
exploring the availability of various government announced
initiatives and will provide further updates as appropriate.
For enquiries, please contact:
Surface Transforms plc. +44 151 356 2141
David Bundred, Chairman
Kevin Johnson, CEO
Michael Cunningham CFO
Cantor Fitzgerald Europe (Nomad & Joint-Broker) +44 20 7894 7000
David Foreman, Michael Boot (Corporate Finance)
Caspar Shand-Kydd, Maisie Atkinson (Sales)
finnCap Ltd (Joint-Broker) +44 20 7220 0500
Ed Frisby, Giles Rolls (Corporate Finance)
Richard Chambers (ECM)
For further Company details, visit www.surfacetransforms.com
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END
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