Toople PLC Update on Trading (1231I)
31 Marzo 2020 - 12:00AM
UK Regulatory
TIDMTOOP
RNS Number : 1231I
Toople PLC
31 March 2020
For immediate release: 31(st) March 2020
Toople PLC
("Toople" or the "Company")
Update on Trading
Toople PLC (LSE: TOOP), a provider of bespoke telecom services
to UK SMEs, is pleased to give the following update on trading
ahead of the Company's AGM, which is to be held today at 12:00 noon
at Woodside 2, Dunmow Road, Birchanger, Bishop's Stortford CM23
5RG. The Company wishes to remind shareholders that as a result of
the outbreak of the coronavirus, COVID-19, and in line with
restrictions on public gatherings imposed by the Government,
attendance in person at the AGM is not possible.
The Company is pleased to report that the integration of the
recently acquired DMS Holding 2017 Limited ("DMSL") is progressing
to plan, and substantial cost savings identified at the time of the
acquisition have been made. As part of the Company's move to
operate from one location, notice of termination has been effected
on the Company's Slough premises. Once normal working practices
resume and government restrictions are lifted, the Company will
move all its operations to Bishop's Stortford with a fully
integrated sales and customer support platform.
Following the outbreak of COVID-19, Toople was quickly able to
deploy its unified communications platform across its entire
workforce and all employees, in the UK, Durban and Poland, have
been able to work remotely without disruption to any of the
Company's key business functions. As a result, sales, billing and
customer support functions have remained largely unaffected and the
business has continued to perform well, signing new customers and
servicing existing ones.
Like others, the Company relies in part on BT Openreach and
other third party suppliers. At this time telco and technology
infrastructure remains a critical industry sector for the country
and keeping people connected is a key focus for the Government. As
a result, measures are in place and working practices have changed
so that customer installations and repairs, as well as
infrastructure maintenance, can continue. The Board is mindful that
due to the unprecedented circumstances this remains a fast-moving
situation, and policy and processes may change in the forthcoming
days, weeks and months. It can only be expected the investment in
and the progress of online solutions for businesses will continue.
However, the Company also has a disaster recovery plan in place,
monitors the situation daily, and is confident that it can maintain
business continuity.
Richard Horsman, Non-Executive Chairman, commented:
"All businesses in the UK have been forced to make unprecedented
changes to the way in which they operate. To believe that we are
fully insulated from the global crisis would be unwise, but the
Company is optimistic about its business case since it provides a
critical service and many businesses are even more dependent on it
now than previously. We are acutely aware of the impact of the
COVID-19 virus and we have in place robust contingency plans to
cope with any impact that restrictions on staff and customers may
create. Our business is functioning well and the key operational
and financial milestones that we outlined at the time of the
acquisition of DMSL have been achieved.
"I would like to take this opportunity to thank all our staff
and commercial partners for their effort and support in continuing
to deliver services to our customers. Their commitment has been
outstanding, not least during the current uncertainty and upheaval
caused by the coronavirus pandemic and we wish them and all our
customers and shareholders well."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
- Ends -
Toople PLC Tel: 0800 0499 499
Andy Hollingworth, Chief Executive
Officer /
Kevin Lawrence, Chief Financial
Officer
Cairn Financial Advisers LLP Tel: 020 7213 0880
Sandy Jamieson/Tony Rawlinson/Ludovico
Lazzaretti
Novum Securities Limited Tel: 020 7399 9400
David Coffman
Turner Pope Investments Limited Tel: 020 3657 0050
Andy Thacker / Zoe Alexander
Belvedere Communications Tel: 020 3687 2754
John West / Llew Angus
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END
TSTDZGFFVGRGGZM
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March 31, 2020 02:00 ET (06:00 GMT)
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