GSTechnologies Ltd COVID-19 Update and Notice of Results (5504T)
July 21 2020 - 1:00AM
UK Regulatory
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 +65 6444 2988
Financial PR & Investor Relations
IFC Advisory Limited London +44 20 3934 6630
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
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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 rns@lseg.com or visit www.rns.com.
END
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