Personal Group Holdings PLC Update re. Preliminary Results (2611H)
23 Marzo 2020 - 10:00AM
UK Regulatory
TIDMPGH
RNS Number : 2611H
Personal Group Holdings PLC
23 March 2020
Press Release 23 March 2020
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.
PERSONAL GROUP HOLDINGS PLC
("Personal Group", "Company" or "Group")
Update re. Preliminary Results for the Year Ended 31 December
2019
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").
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.
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
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.
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
are held in cash and short-term fixed interest rate deposits with
no exposure to equities. In addition, the Group benefits from
regulatory capital with headroom significantly over and above the
minimum requirements. Management are taking action to protect the
business and will update investors as soon as possible.
For more information please contact:
Personal Group Holdings Plc
Deborah Frost / Mike Dugdale +44 (0)1908 605 000
Cenkos Securities Plc
Max Hartley / Callum Davidson (Nomad) +44 (0)20 7397 8900
Russell Kerr (Sales)
Hudson Sandler
Nick Lyon / Lucy Wollam +44 (0)20 7796 4133
Notes to Editors
Personal Group Holdings Plc (AIM: PGH) is a technology enabled
employee services business, working with employers to drive
productivity though better employee engagement and a more motivated
workforce. With over 35 years' experience, the Company provides
employee benefits and services to a large number of employees
across the UK.
Personal Group's offer comprises in-house services, including
employee insurance products (hospital, convalescence plans and
death benefit), the provision of home technology via salary
sacrifice (iPads, computers, laptops, smart phones and smart TVs),
the provision of e-payslips, and pay and reward consulting via
Innecto, the leading independent UK consultancy acquired in 2019.
Third party services include retail discounts, employee assistance
programmes, wellbeing programmes and salary sacrifice cars and
bikes.
The product offer is provided via the Company's proprietary
technology platform, Hapi. The platform is intuitive, designed
primarily for app deployment and also accessible via web and
tablet, driving better engagement, communication and value
recognition. Hapi is flexible and can quickly integrate additional
services, such as existing employee services and partner platforms.
Hapi is a digital SaaS product.
Through technology and select acquisitions, the Company has
grown its addressable market to the majority of the working
population in the UK; including 15.6m SME employees targeted via
its partnership with Sage, the UK's largest software company.
Personal Group's innovative approach to using technology to
deliver its programmes, in combination with its employees-paid
insurances delivers a compelling offer to blue-chip clients across
the UK as a way of attracting, retaining and motivating employees.
The acquisition of Innecto in February 2019 allows Personal Group
to engage with clients earlier in their thinking around Pay and
Reward, and to interact with a new base of blue-chip and fast
growth clients typically at HR Director and CEO level.
Personal Group has a strong client base across a diverse range
of sectors. Clients include: Arsenal F.C., Barchester Healthcare
Ltd, DHL Supply Chain Limited, The Go-Ahead Group plc, Samworth
Brothers Ltd, Independent Television News, Stagecoach Group plc and
Wincanton plc.
For further information, please see www.personalgroup.com
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