REG - Global Invacom Group - Performance Guidance <Origin Href="QuoteRef">GLOB.SI</Origin>

Global InvacomAnnouncement

22/12/2016 07:05

RNS Number : 4797S
Global Invacom Group Limited
22 December 2016
GLOBAL INVACOM GROUP LIMITED
(Incorporated in Singapore)
(Company Registration No: 200202428H)
PERFORMANCE GUIDANCE FOR THE FINANCIAL YEAR ENDING 31 DECEMBER 2016
The Board of Directors (the "Board") of Global Invacom Group Limited (the "Company" and together with its subsidiaries, the "Group") would like to inform shareholders that, following a preliminary review and assessment of the projected financial statements, the Group expects to report a net loss for the financial year ending 31 December 2016 ("FY2016"). 
This is primarily due to the Group's consolidation of its manufacturing operations in the People's Republic of China, as announced on 8 November 2016. 
The Group will incur one-off shutdown expenses of approximately US$3.0 million for the closure and cessation of Radiance Electronics (Shenzhen) Co., Ltd. 
The Group anticipates that the consolidation will translate into improved gross margins and operational cost efficiencies in FY2017 and beyond. The Group expects to announce its unaudited results for FY2016 in February 2017.
Shareholders and other investors are reminded to exercise caution when dealing in the securities of the Company and should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisers if they are in doubt about the actions that they should take.
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
BY ORDER OF THE BOARD 
Anthony Brian Taylor 
Executive Chairman
22 December 2016

This information is provided by RNS
The company news service from the London Stock Exchange
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