SDI Group PLC Trading & COVID-19 Update (5656K)
23 Aprile 2020 - 08:00AM
UK Regulatory
TIDMSDI
RNS Number : 5656K
SDI Group PLC
23 April 2020
SDI Group plc
( " SDI " , the " Company " or the " Group " )
(AIM: SDI)
Trading Update
COVID-19 Update
SDI Group plc, the AIM quoted Group focused on the design and
manufacture of scientific and technology products for use in
digital imaging and sensing control applications, is pleased to
announce an update on trading for the year ending 30 April 2020,
and on the impact of COVID-19 on SDI's operations.
The Group has a diversified portfolio of companies and since the
announcement of a UK " lockdown " on 23 March has continued to
operate at all eight of its operating units. The Group continues to
expect to meet market profit expectations for the year ending 30
April 2020, with sales of around GBP24 million.
During the period, the Company has taken steps in order to:
- protect the health and wellbeing of our employees;
- reduce business costs as appropriate making use of US and UK
Government programmes, whilst still maintaining our capabilities in
the short and the long term;
- conserve cash and liquidity;
- support customers in medical and scientific areas that require
critical products for the national interest and for the global
effort against COVID-19.
Employees
We have taken all necessary steps to protect the health of our
employees, clients and suppliers. Protocols have been introduced in
the workplace and, where possible, staff are now working from home.
The Board is extremely proud of the way the Group ' s employees
have reacted to the crisis and is grateful to them and their
families.
Reducing Costs
Since 23 March, the Group has been actively reducing SDI ' s
overall costs. These include a cut in all SDI board salaries and
fees of 33% for a period of three months. The Group has also, where
required, furloughed staff with Government support, ensuring the
retention of our staff for the future. 19% of SDI staff are
currently furloughed and no staff members have been made
redundant.
Cash and Liquidity
SDI has a strong balance sheet with current cash in excess of
GBP4.5m, unused debt facilities of GBP0.6m and bank debt of
GBP8.9m. The Group has a good long-term relationship with its bank
and has agreed, as a precautionary measure, a capital repayment
holiday of three months of its revolving credit facility. The Group
has also taken advantage of the UK Government's scheme allowing a
temporary VAT payment deferral.
Current Trading and Outlook
The Board expects SDI to report profit for the year to 30 April
2020 in line with market expectations.
However due to COVID-19 SDI withdraws market guidance for the
year to 30 April 2021. There has been some disruption to supply and
some slow-down in orders, but SDI currently has all factories in
operation and has so far remained both profitable and cash
generative. At least four of our production units are providing
their customers with components for medical and scientific products
used in the fight against COVID-19.
Ken Ford, Chairman of SDI, said:
"The Group expects to report profit for the year to 30 April
2020 in line with market expectations. The Group remains open for
business, although due to COVID-19, sales are at reduced levels.
Demand for some SDI products has increased and the Group looks
forward to being able to grow both organically and through
acquisition during the new financial year when conditions permit
."
The Group currently expects to announce final results for the
year ended 30 April 2020 in July 2020.
Enquiries
SDI Group plc 01223 320480
Ken Ford, Chairman
Mike Creedon, CEO
Jon Abell, CFO
www.scientificdigitalimaging.com
finnCap Ltd 020 7220 0500
Ed Frisby/Kate Bannatyne - Corporate Finance
Andrew Burdis/Sunila de Silva - ECM
JW Communications 07818 430 877
Julia Wilson - Investor & Public Relations
About SDI Group plc:
SDI designs and manufactures scientific and technology products
for use in digital imaging and sensing and control applications
including life sciences, healthcare, astronomy, manufacturing,
precision optics and art conservation. SDI operates through its
company divisions: Atik Cameras, Synoptics, Graticules Optics,
Sentek, Astles Control Systems, Applied Thermal Control, MPB
Industries and Chell Instruments.
SDI continues to grow by developing its own technology
advancements and by improving its global sales channels, as well as
through pursuing strategic, complementary acquisitions.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
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END
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