Personal Group Holdings PLC (LON:PGH) has said publication of its preliminary results for the year to 31 December 2019 will be delayed until it receives further advice on timing, following the request of the Financial Conduct Authority (FCA), and the Financial Reporting Council (FRC), for all listed companies to observe a moratorium on publication for at least two weeks.
The AIM-listed leading provider of employee services in the UK, however, confirmed that its 2019 results are expected to be slightly ahead of market expectations, following sign-off by its auditors when permitted.
It also said that, with regard to current trading, the group had a strong start to the year with its recently refined strategy showing positive signs.
Personal Group added: “Inevitably, the crisis caused by the Coronavirus will impact future trading and it is difficult to predict both the timing and extent of the impact.
“Whilst it is expected that the ongoing impact of the virus could have a material negative impact on the Group’s EBITDA for 2020, and into 2021, the Group remains confident that its business will still be profitable with a strong balance sheet, positive cash flow and no debt.”
The company pointed out: “The majority of regulatory assets are held in cash and short-term fixed interest rate deposits with no exposure to equities. In addition, the Group benefits from regulatory capital with headroom significantly over and above the minimum requirements.”
It concluded: “Management are taking action to protect the business and will update investors as soon as possible.”