Business
Trading Statement
Trading Statement.
About this update from Cls Holdings Plc
[{"type":"text","content":"\n \n \n RNS Number : 3119S\n CLS Holdings PLC\n 08 July 2020\n \n \n \n \n \n \n \n \n \n PRESS RELEASE\n \n \n \n \n \n \n Release date: 8 July 2020\n \n \n Embargoed until: 07:00\n \n \n \n \n \n \n \n \n CLS Holdings plc (\"CLS\", the \"Company\" or the \"Group\")\n \n \n Trading Update for the period 1 January 2020 to 7 July 2020\n \n \n \n \n \n HIGH RENT COLLECTIONS CONTINUE\n \n \n \n \n \n Fredrik Widlund, Chief Executive of CLS, commented:\n \n \n \n \n \n \n \"As the lockdown measures are eased, we remain focused on the welfare of our staff and other stakeholders while also recognising that we need to do what we can to help the economy get back to normality. All of\n \n \n our offices across the UK, Germany and France are open and we have made the necessary modifications to make the buildings compliant with Covid-19 safety measures to ensure we continue to support our tenants.\n \n \n \n \n \n \n \"Our tenant base has a strong underpinning of government and major corporations, with limited exposure to those sectors that have been most impacted by Covid-19, such as retail, hospitality and leisure. We are continuing to work closely with our tenants and this can be seen in our rent collections, which have continued to perform well, demonstrating the resilience of our business and strategy.\"\n \n \n \n \n \n \n \n \n A summary of our key operational and financial metrics is set out below:\n \n \n \n \n \n Q3 rent collections\n \n \n \n \n \n The Group's rental income in the UK and France is due on a quarterly basis with the current payment due between 24 June \n and 1 July. In Germany, rents are due monthly and the current payment was due on 3 July. As at 30 June 2020, the Group's contractual rents are split 52% in the UK, 33% in Germany and 15% in France.\n \n \n \n \n \n By close on 7 July 2020, we had recei\n ved 86% of contractual rents due or 93% taking \n into account those tenants we are supporting by switching to monthly rents (\n 2019: 96% of \n rents had been collected by 7 July 2019).\n \n \n \n \n \n Update on first half 2020 rent collections\n \n \n \n \n \n In the first quarter we collected 99% of rents due and in the second quarter we have, by 7 July 2020, collected 96% of the rent due.\n \n \...