GSTechnologies Ltd COVID-19 Update and Notice of Results (5504T)

TIDMGST

RNS Number : 5504T

GSTechnologies Ltd

21 July 2020

21 July 2020

GSTechnologies Ltd

("GST" or the "Company")

COVID-19 Update and Notice of Results

GSTechnologies Ltd (LSE: GST), the integrated information and communication technology infrastructure solutions provider, announces an update on the impact of the COVID-19 pandemic on the Company.

The Company continues to prioritise the health, safety and wellbeing of its employees and customers, adhering to government guidelines on social distancing and hygiene in all aspects of its operations. It is pleased to report that to date none of its staff have tested positive for the COVID-19 virus.

On 3 April 2020 the Singapore Government announced a stringent set of preventive lockdown measures, the "Circuit Breaker", initially from 7 April to 4 May, but which was subsequently extended to 1 June 2020. During this time the Company's subsidiary EMS Wiring Systems ("EMS") was only allowed to undertake maintenance and repair work for essential services to EMS' banking, medical and government agency customers.

Singapore exited its Circuit Breaker period on 1 June 2020 and moved into Phase 1 of reopening the day after. The country moved into Phase 2 of reopening on 19 June 2020 and whilst EMS is still unable to be fully operational, and won't be until Phase 3 is triggered in the coming weeks, there has been a gradual increase in activity.

COVID-19 and the associated restrictions will have an inevitable negative impact on the Company's results for the current financial year, although these are not quantifiable at the present time. However, the Company has been able to access certain support from the Government of Singapore including salary subsidies, together with the waiving of foreign worker levies, which will mitigate to a certain extent the impact of the COVID-19 pandemic on the financial position of the Company.

Notice of Results

As a consequence of the impact of the COVID-19 pandemic delaying the completion of the Company's audit and in accordance with the Financial Conduct Authority's current extension to the permitted timescale for the publication of results, the Company intends to release its audited financial results for the year ended 31 March 2020 in late August 2020.

Enquiries

 
GSTechnologies 
Tone Goh, Executive Chairman               Singapore   [phone] 
 
Financial PR & Investor Relations 
IFC Advisory Limited                       London      [phone] 
Tim Metcalfe / Graham Herring / Florence 
 Chandler 
 

About GST

GST provides optimal wireless, electronic cabling, security, and other solutions to clients operating in the infrastructure development space. GST builds on the profitable ICT business of its Singaporean subsidiary EMS Wiring Systems, which has been supplying governments and large private organisations with intelligent building solutions for the last 28 years. GST's strategy is to develop solutions to meet the needs of the ICT industry, acting on the surging opportunities in the technology and innovation sectors - data centres, intelligent buildings, smart cities and the Internet of Things - particularly targeting emerging markets where the demand for ICT infrastructure is increasing rapidly.

For more information please see: www.GSTechnologies.co.uk

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 [e-mail] or visit www.rns.com.

END

UPDKBLFLBDLXBBZ

(END) Dow Jones Newswires

July 21, 2020 02:00 ET (06:00 GMT)