GlobalData PLC COVID-19 Update, Dividend Deferral and AGM (2610K)
21 Abril 2020 - 1:00AM
UK Regulatory
TIDMDATA
RNS Number : 2610K
GlobalData PLC
21 April 2020
21 April 2020
GlobalData Plc
COVID-19 Update, Dividend Deferral and AGM
GlobalData PLC, the global provider of data, analytics, and
insights comments on current trading and the wider impact of the
evolving COVID-19 pandemic.
COVID-19 Update
GlobalData plc (the "Company") continues to closely monitor the
evolving COVID-19 (coronavirus) situation and its impact on its
business. GlobalData's priority remains the health and safety of
our colleagues, our clients and our wider stakeholder group, whilst
continuing to operate and provide our clients with real-time data,
analytics, and insight that helps them navigate through these
uncertain times.
As a business, we are following all relevant government
guidelines in the countries where we operate and, given the agile
and digital nature of our business we have been able to transition
smoothly to a 'work from home' model in relatively short order and
have not needed to furlough any employees or rely on government
support. We recognise that many of our subscription clients are
facing real challenges in their markets and are pleased that we
have been able to offer a continued service, without any
disruption, as well as developing a significant amount of COVID-19
specific content that is giving our clients unique insights into
their sectors and geographies, at a time when they need it the
most. We have also been active in delivering free Covid-19 content
through our news sites, which is helping a wider audience
understand their markets and the broader economic and health
impacts of the pandemic. The development and deployment of this
content has been achieved in a very short time period and is a good
demonstration of our agile centralised operating model.
For our colleagues, we are actively ensuring that they have a
strong and stable digital platform, which enables them to continue
to perform in their roles and keep in touch. We are very focused on
ensuring that our teams are coping with the challenges that working
from home brings and offering the support and flexibility required.
We are sending out regular internal communications, including
employee surveys focused around well-being, mental health and
employee satisfaction, as well as holding regular information
sessions to keep our colleagues up to date with company news and
initiatives.
Together as a business, our colleagues have continued to support
our nominated charities for 2020, but we are also pleased to have
chosen an additional eight charity partners in our local
communities across the globe who are working on specific COVID-19
causes. To date we have raised over GBP100,000 and we are committed
to continue to support our global communities through these
difficult times.
With a high proportion of recurring revenue and broad sectorial
diversification, our business model is resilient and renewal rates
have been strong through the first quarter of the current financial
year. Over 75% of the Group's revenue derives from recurring
subscriptions, so our revenue therefore remains largely unaffected
since the onset of the COVID-19 pandemic and we continue to have
good visibility for the remainder of the year. As a result of
COVID-19, some Events revenue has been deferred into the second
half of 2020. Revenue from Events accounts for less than 10% of the
Group.
Dividend Deferral
Although we have a resilient business model, we are aware that
we are in unprecedented and very uncertain times. As a management
team we are very focused on costs and our cash flow and
consequently we have taken measures to scale back our planned sales
team recruitment as well as postponing filling a number of open
positions. We have a strong balance sheet, with good cash reserves
and working capital along with financing arrangements that give us
ample liquidity. However, we have taken the decision to delay the
payment of the final dividend for the year ended 31 December 2019
by thirty business days to 9 June, which is within sixty business
days of the record date of 27 March 2020 to allow us additional
time to continue to assess the full impact of COVID-19, as allowed
under revised LSE guidance.
AGM
In light of the COVID-19 outbreak and the enhanced restrictions
imposed by the UK Government on 23 March 2020, shareholders will
not be permitted to attend our Annual General Meeting, which will
be held today at 10.00am, in person. This will safeguard our
shareholders' and employees' health. Instead, shareholders can
attend the meeting by joining it electronically in accordance with
the instructions in the Notice of Meeting. If you are interested in
this option, please call 020 7936 6400 in order to make the
necessary arrangements.
ENQUIRIES:
GlobalData Plc 0207 936 6400
Mike Danson, Chief Executive Officer
Graham Lilley, Chief Financial Officer
N+1 Singer 0207 496 3000
James Maxwell
Justin McKeegan
Hudson Sandler 0207 796 4133
Nick Lyon
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END
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