New Trend Lifestyle Group plc Business and COVID-19 Update and Notice of Results (4725J)
14 Abril 2020 - 1:00AM
UK Regulatory
TIDMNTLG
RNS Number : 4725J
New Trend Lifestyle Group plc
14 April 2020
14 April 2020
RNS ANNOUNCEMENT: The information communicated in this
announcement contains inside information for the purposes of
Article 7 of Regulation 596/2014.
New Trend Lifestyle Group plc
("NTLG" or the "Company" or the "Group")
Business and COVID-19 Update and Notice of Results
The Board of New Trend Lifestyle Group plc (AIM: NTLG), the
Singapore-based Feng Shui products and services group, issues the
following trading update.
Unaudited revenue for the year to 31 December 2019 was very
slightly ahead of the prior year, at SGD6,670K (2018: SGD6,491K).
For the first three months of the current financial year, the
unaudited turnover from our Singapore operations has again been
broadly in line with the prior year, at SGD1,818K (2019:
SGD1,858K). The impact of COVID-19 has not had a material effect on
revenue during the first quarter, as the Group managed to maintain
sales leading up to Chinese New Year at the end of January 2020,
and the period afterwards where there had been no restrictions on
shop opening in relation to the COVID-19 pandemic.
However, the Singapore Government has announced that all
non-essential businesses will be closed from 7 April 2020 for one
month to combat the spread of the virus. This measure means that
the Group's operations will be closed for this period. The Group
will, wherever possible, try to take advantage of the fiscal
stimulus that is being proposed by the Singapore Government,
however, this is not expected to fully mitigate against the
significant loss in revenue.
The Company is not able to assess the effect of the current
closure in Singapore on the results for the current financial year,
as it is still uncertain for how long the disruption to normal life
will continue, the fiscal stimulus that may be available and the
ongoing effect these issues will have on consumer demand in the
short and medium term. The Board will provide further updates in
this regard at the time of releasing the audited results for the
year ended 31 December 2019.
The Company is working towards reporting its audited final
results, for the year ended 31 December 2019, by the end of June
2020. Due to current working restrictions with our professional
advisers globally, we have experienced some delays in work streams
relating to the preparation of the annual accounts, however, at
this time, we still expect to be able to meet the above
timeline.
END
For further information:
New Trend Lifestyle Group Plc
Gregory Collier, Non-Executive Chairman +44 (0) 7830 182501
SPARK Advisory Partners Limited (NOMAD) +44 (0) 20 3368
Mark Brady/Neil Baldwin 3551
SI Capital Ltd (Broker)
Nick Emerson +44 (0)1483 413500
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END
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