Touchstar PLC Trading Update (9686B)

TIDMTST

RNS Number : 9686B

Touchstar PLC

05 February 2020

Touchstar plc

(the "Company", "Touchstar" or the "Group")

Trading Update

The Board of Touchstar plc is pleased to issue a further update on Company's trading for the year ended 31 December 2019.

Pleasingly, the Company completed a higher level of shipments to customers by the year end than had been anticipated. As a result, it now expects to report revenue for the year ended 31 December 2019 of GBP7.1million, slightly ahead of previous guidance and which will represent year on year growth of 8% from continuing activities. In addition, the financial result for 2019 will be better than anticipated at both the pre and post tax levels

Given the Company's solid cash generative character, the improved trading position has translated into strong positive cashflow. The net cash position on the 31 December 2019 was stronger than expected at GBP849,000 (FY 2018: GBP296,000).

Since the company's last update on 18 December 2019, the Group's order inflow has continued to be encouraging. At the year end the order book stood at GBP1.2 million (FY 2018: GBP254,000) and it has subsequently increased to approximately GBP1.7 million by the end of January 2020.

The Company expects to announce its final results for the year ended 31 December 2019 in mid-April 2020.

Commenting Ian Martin, Chairman, said: "The Board is delighted that the Company has had a stronger than anticipated finish to 2019 and to be entering 2020 with an encouraging order book. We expect to provide a further update on the outlook for 2020 as part of the announcement of the final results in April."

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For further information, please contact:

 
 Touchstar plc                     Ian Martin             0161 874 5050 
   Mark Hardy                                             0161 874 5050 
                                   Mike Coe/ Chris         0117 945 
 WH Ireland - Nominated Adviser     Savidge                 3472 
 

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

TSTZZGGZNDLGGZM

(END) Dow Jones Newswires

February 05, 2020 02:00 ET (07:00 GMT)