Global Invacom Group Limited Trading Update (0465Q)
15 2월 2023 - 10:20PM
UK Regulatory
TIDMGINV
RNS Number : 0465Q
Global Invacom Group Limited
15 February 2023
Global Invacom Group Limited
("Global Invacom", the "Company" or the "Group")
Trading Update
Singapore/London, 15 February 2023 - Global Invacom (SGX: QS9)
(AIM: GINV), the global provider of satellite communications
equipment and electronics, announces that based on a preliminary
review of the Group's unaudited financial statements for the full
year ended 31 December 2022 ("FY2022"), the Group expects to record
a net loss after tax of approximately US$13.2 million for FY2022
against a net profit of US$558,000 for the full year ended 31
December 2021. Group revenue in FY2022 is expected to be
approximately US$72.8 million versus US$82.5 million in FY2021.
This loss comprises an expected loss after tax from trading
activity of approximately US$6.6 million, a goodwill impairment of
assets of about US$5.2 million, and a tax write off of
approximately US$1.3 million. Both the goodwill impairment and tax
write off, which are non-cash in nature, solely relate to the
performance of the Group's US subsidiary and impact the assessment
of the Group's goodwill investment in that business and the value
of a Deferred Tax Asset within that subsidiary.
The Board's restructuring and internal operational review
continues to assess the Group's assets and cost base to streamline
certain core functions, whilst seeking to secure new markets and
customers.
Further details of the Group's financial performance will be set
out in the Company's unaudited financial statements for FY2022,
which remain subject to auditor review, and are expected to be
announced by 1 March 2023.
In accordance with SGX market practice, the Board of Directors
of the Company wishes to advise the shareholders and investors of
the Company to exercise caution when dealing in the shares of the
Company. In the event of any doubt, they should consult their
stockbrokers, bank managers, solicitors, accountants, or other
professional advisers.
For further information, please contact:
Global Invacom Group Limited www.globalinvacom.com
Gordon Blaikie, Interim Chief Executive via Vigo Consulting
Officer
Strand Hanson Limited (Nominated Adviser www.strandhanson.co.uk
and Broker)
James Harris / Richard Johnson / Rob Tel: +44 20 7409
Patrick 3494
Vigo Consulting (UK Media & Investor www.vigoconsulting.com
Relations)
Jeremy Garcia / Fiona Hetherington / Tel: +44 20 7390
Kendall Hill 0238
ginv@vigoconsulting.com
About Global Invacom Group Limited
Global Invacom is a fully integrated satellite equipment
provider with sites across Singapore, China, Indonesia,
Philippines, Malaysia, Israel, UK and the U.S. Its customers
include satellite broadcasters such as Sky Group of the UK and Dish
Network of the USA and Data over Satellite providers including
Hughes Network Systems, Viasat and Gilat Satellite Networks.
Global Invacom provides a full range of satellite ground
equipment including antennas, LNB receivers, transceivers, fibre
distribution equipment, transmitters, switches, and video
distribution components, as well as manufacturing services for the
defence and healthcare sectors. The Group is the world's only
full--service outdoor unit supplier.
Global Invacom is listed on the Mainboard of the Singapore
Exchange Securities Trading Limited and its shares are admitted to
trading on the AIM Market of the London Stock Exchange.
For more information, please refer to www.globalinvacom.com
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic
law.
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END
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February 15, 2023 08:20 ET (13:20 GMT)
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