Business
Reporting moratorium and coronavirus impact
Reporting moratorium and coronavirus impact.
About this update from Luceco Plc
[{"type":"text","content":"\n \n \n RNS Number : 4211H\n Luceco PLC\n 24 March 2020\n \n \n \n \n \n \n \n Luceco plc\n \n \n \n \n \n 24 March 2020\n \n \n \n \n \n Reporting moratorium and coronavirus impact\n \n \n \n \n \n Reporting moratorium\n \n \n \n \n \n The Board of Luceco plc (the \"Group\" or \"Luceco\") has decided to delay the announcement of the Group's final audited financial statements for the year ended 31 December 2019 in response to guidance recently issued by the Financial Conduct Authority and the Financial Reporting Council. \n \n \n \n \n \n The original reporting date of 31 March 2020 fell within the two-week moratorium recommended by both bodies. \n \n \n \n \n \n The Group will therefore report no earlier than 6 April 2020. We are choosing not to set a revised announcement date at this time, mindful that any new commitment could be impacted by further regulatory guidance. We will commit to a new date as soon as the regulatory backdrop becomes clearer.\n \n \n \n \n \n The Group confirms that it expects to announce results in line with those set out in the Group's Full Year Trading Update dated 28 January 2020.\n \n \n \n \n \n Coronavirus impact\n \n \n \n \n \n The full potential impact on the Group of the coronavirus pandemic is not yet clear, but the commentary below summarises the latest position. \n \n \n \n \n \n Supply impact\n \n \n \n \n \n · \n The Group sources nearly all of its products from China.\n \n \n \n \n \n · \n Approximately half of these products come from the Group's own production facility in Jiaxing, roughly 800km from Wuhan. It employs 1,000 people out of a Jiaxing population of 5 million.\n \n \n \n \n \n · \n The Jiaxing area has been relatively unaffected by the outbreak. At the time of writing there is only 1 active case of COVID-19 in the city.\n \n \n \n \n \n · \n There have been no infections in the Group's worldwide workforce.\n \n \n \n \n \n · \n In response to the outbreak, our facility was closed for the two weeks immediately following the Chinese New Year holidays but reopened on 17 February albeit at reduced capacity due to a lack of workers. Capacity has gradually recovered since.\n \n \n \n \n \n · \n The rate of product supply from our facility and our OE...