Business
Update re. Preliminary Results
Update re. Preliminary Results.
About this update from Personal Group Holdings Plc
[{"type":"text","content":"\n \n \n RNS Number : 2611H\n Personal Group Holdings PLC\n 23 March 2020\n \n \n \n \n \n \n \n Press Release\n \n \n 23 March 2020\n \n \n \n \n \n \n Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.\n \n \n PERSONAL GROUP HOLDINGS PLC\n (\"Personal Group\", \"Company\" or \"Group\")\n \n Update re. Preliminary Results for the Year Ended 31 December 2019\n \n Personal Group Holdings Plc, a leading provider of employee services in the UK, announces the following update in relation to the publication of its Preliminary Results for the year to 31 December 2019 (\"FY 2019 Results\").\n \n At the recent request of the Financial Conduct Authority (FCA), and the Financial Reporting Council (FRC), for all listed companies to observe a moratorium on the publication of preliminary financial statements for at least two weeks, the publication of the Group's FY 2019 Results will be delayed until we receive further advice on timing.\n \n This request by the FCA and FRC was a market-wide communication as a precautionary mechanism to assist audit sign-off processes amidst the Coronavirus pandemic. A link to the FCA's announcement is here: https://www.fca.org.uk/news/statements/fca-requests-delay-forthcoming-announcement-preliminary-financial-accounts, and FRC's announcement here https://www.frc.org.uk/news/march-2020-(1)/frc-supports-moratorium-in-corporate-reporting\n \n \n The Company confirms that the FY 2019 Results are expected to be slightly ahead of market expectations, following sign-off by its auditors when permitted. In regard to current trading, the Group had a strong start to the year with its recently refined strategy showing positive signs. \n \n Inevitably, the crisis caused by the Coronavirus will impact future trading and it is difficult to predict both the timing and extent of the impact. Whilst it is expected that the ongoing impact of the virus could have a material negative impact on the Group's EBITDA for 2020, and into 2021, the Group remains confident that its business will still be profitable with a strong balance sheet, positive cash flow and no debt. The majority of regulatory assets a...