Brickability Group PLC Statement re Trading and COVID-19 (6385H)
26 Marzo 2020 - 1:00AM
UK Regulatory
TIDMBRCK
RNS Number : 6385H
Brickability Group PLC
26 March 2020
Brickability Group PLC
("Brickability" or "the Company")
Update re Trading and COVID-19
Brickability Group plc, a leading construction materials
distributor, today provides the following update on trading to date
and the impact of COVID-19.
Trading in the second half since 30 September 2019 has been in
line with expectations and this gives the Board confidence that
EBITDA for the full year to 31 March 2020 will be in line with
expectations.
Inevitably, since the UK Government's announcement earlier this
week to restrict the movement of people this has thrown up
considerable challenges to our business and our priority must be
the wellbeing of our employees, customers, and suppliers across the
regions in which we operate. In light of this advice and actions
regarding COVID-19, the Company has taken the decision to close our
sites and has asked those staff who are able to work from home to
continue to provide support to customers and suppliers throughout
this period. We will continue to assess the situation as it
unfolds, working with suppliers on a return to delivery schedules
as soon as is both possible and responsible to do so.
Brickability is well positioned for this period of uncertainty
and for when it passes. The Company has low levels of stock, a
strong balance sheet and had cash on the balance sheet of GBP22m
million as at 25 March 2020. Given the unknown extent of this
uncertainty the Board will focus on conserving cash and has ceased
all discretionary spend.
The Company refinanced earlier this year to HSBC, increasing the
historic revolving credit facility of GBP20m with a new GBP35m
facility (GBP30m revolving credit facility and a GBP5m accordion)
of which GBP10m million remains undrawn and can be used to fund the
business through this difficult time.
In light of the significantly changed circumstances and lack of
visibility, we are unable to provide market guidance for March
2021. We will continue to assess this as there is greater clarity
on the length and impact of the current crisis and will provide an
update as and when appropriate.
The information contained within this announcement is deemed by
the Group to constitute inside information under the Market Abuse
Regulations (EU) No. 596/2014.
For further information:
Brickability Group PLC via
Max Hartley, Cenkos: 020 7397 8925
James Olley, Montfort: 07974 982302
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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