Business
Update on trading and impact of Coronavirus
Update on trading and impact of Coronavirus.
About this update from Touchstar Plc
[{"type":"text","content":"\n \n \n RNS Number : 3000I\n Touchstar PLC\n 01 April 2020\n \n \n \n \n Touchstar plc\n \n (the \"Company\", \"Touchstar\" or the \"Group\")\n \n \n UPDATE ON TRADING AND IMPACT OF CORONAVIRUS\n \n \n \n \n \n Touchstar plc supplies turnkey mobile solutions to the logistics, warehousing and fuel delivery markets in addition to providing access control to high profile and public sector buildings.\n \n \n \n \n \n PROTECTING OUR EMPLOYEES, CUSTOMERS AND BUSINESS\n \n \n \n \n \n Touchstar is a well-established long-standing company and we take care, and pride ourselves, in dealing fairly with the many stakeholders we rely upon across the business. \n \n \n \n \n \n We have acted quickly to follow Government guidelines, helping to prevent the spread of the virus and safeguard the safety of our staff. We have re-engineered our processes to maintain customer support to our clients - some of whom are operating critical services, and continue to deliver new products whilst functioning in line with the advice of the Government.\n \n \n \n \n \n First quarter trading was broadly on budget with growth from continuing businesses up 40% compared to the first quarter of last year.\n \n \n \n \n \n However, given the current and likely impacts of coronavirus we are now planning for prolonged uncertainty. It is impossible to provide clarity on the outlook for the weeks and months ahead, we have set out the information that we are able to in this update.\n \n \n \n \n \n Our priority is the safety of our employees and our clients. \n \n \n \n \n \n During this period, with support from the Government's Coronavirus Job Retention Scheme, we intend to maintain employment of all staff for as long as is practicable.\n \n \n \n \n \n We remain committed to providing the best customer service and support to our clients that we can, ensuring that they can function effectively. \n \n \n \n \n \n IMPACT ON REVENUE\n \n \n \n \n \n We, like other businesses, have seen a reduction in new business enquiries and are planning that this rate of decline will increase. We also expect the Government advice on business activity to become more strident in the coming weeks. \n \n \n \n \n \n We have had a good first quarter, and we still have outstanding orders to ship t...