Global Invacom Group Limited Trading Update (5254H)
August 04 2021 - 2:00AM
UK Regulatory
TIDMGINV
RNS Number : 5254H
Global Invacom Group Limited
04 August 2021
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Global Invacom Group Limited
("Global Invacom", the "Company" or the "Group")
Trading Update
Singapore/London, 4 August 2021 - 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 half
year ended 30 June 2021 ("1H FY2021"), the Group expects to record
a net loss after tax for 1H FY2021.
The expected net loss for 1H FY2021 is mainly attributable to
higher operating costs and higher material costs arising from the
ongoing global COVID-19 pandemic. The information available
indicates that the Group expects to report a net loss of
approximately US$1.2 million in 1H FY2021 against a net profit of
US$0.3 million in 1H FY2020. Group revenue in 1H FY2021 is expected
to be approximately US$40.4 million versus US$52.8 million in 1H
FY2020.
The financial performance of the Group in 1H FY2021 reflects
broader macroeconomic challenges and ongoing COVID-19 challenges.
The much-publicised disruption to supply chains and problems with
the availability of key products, including semi-conductors and
capacitors, continues to disrupt the Group's operations.
Furthermore, the Group has also been impacted by inefficiencies
within the Group's supply chain, and the global transportation of
products from the manufacturing facility to customer sites.
The Group is undertaking a further restructuring across the
Group to reduce its cost base, removing excess headcount in
non-core functions and reducing administrative costs.
Further details of the Group's financial performance will be set
out in the Company's unaudited financial statements for 1H FY2021,
which will be announced no later than 14 August 2021.
Despite the current challenges, the Group is well-placed to
capitalise on the expected growth in the Group's core DOS market
driven by ongoing demand for providers seeking to satisfy the
continued growth in demand for data and connectivity. The Group
believes Global Invacom's products have a key role to play in the
provision of this connectivity as restrictions ease across
territories, supply chains recover and demand starts to
normalise.
For further information, please contact:
Global Invacom Group Limited www.globalinvacom.com
Tony Taylor, Executive Chairman via Vigo Consulting
Strand Hanson Limited (Nominated Adviser www.strandhanson.co.uk
and Broker)
James Harris / Rob Patrick Tel: +44 20 7409 3494
Vigo Consulting (UK Media & Investor Relations) www.vigoconsulting.com
Jeremy Garcia / Fiona Hetherington / Kendall Tel: +44 207 390 0233
Hill
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 US. 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
.
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