REG - Global Invacom Group - Trading Update

Global InvacomAnnouncement

15/02/2023 13:30

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RNS Number : 0465Q  Global Invacom Group Limited  15 February 2023

 

 

Global Invacom Group Limited

("Global Invacom", the "Company" or the "Group")

 

Trading Update

 

Singapore/London, 15 February 2023 - Global Invacom (SGX: QS9) (AIM: GINV),
the global provider of satellite communications equipment and electronics,
announces that based on a preliminary review of the Group's unaudited
financial statements for the full year ended 31 December 2022 ("FY2022"), the
Group expects to record a net loss after tax of approximately US$13.2 million
for FY2022 against a net profit of US$558,000 for the full year ended 31
December 2021. Group revenue in FY2022 is expected to be approximately US$72.8
million versus US$82.5 million in FY2021.

 

This loss comprises an expected loss after tax from trading activity of
approximately US$6.6 million, a goodwill impairment of assets of about US$5.2
million, and a tax write off of approximately US$1.3 million. Both the
goodwill impairment and tax write off, which are non-cash in nature, solely
relate to the performance of the Group's US subsidiary and impact the
assessment of the Group's goodwill investment in that business and the value
of a Deferred Tax Asset within that subsidiary.

 

The Board's restructuring and internal operational review continues to assess
the Group's assets and cost base to streamline certain core functions, whilst
seeking to secure new markets and customers.

 

Further details of the Group's financial performance will be set out in the
Company's unaudited financial statements for FY2022, which remain subject to
auditor review, and are expected to be announced by 1 March 2023.

 

In accordance with SGX market practice, the Board of Directors of the Company
wishes to advise the shareholders and investors of the Company to exercise
caution when dealing in the shares of the Company. In the event of any doubt,
they should consult their stockbrokers, bank managers, solicitors,
accountants, or other professional advisers.

 

 

For further information, please contact:

 

 Global Invacom Group Limited                              www.globalinvacom.com (http://www.globalinvacom.com/)
 Gordon Blaikie, Interim Chief Executive Officer           via Vigo Consulting

 Strand Hanson Limited (Nominated Adviser and Broker)      www.strandhanson.co.uk (http://www.strandhanson.co.uk/)
 James Harris / Richard Johnson / Rob Patrick              Tel: +44 20 7409 3494

 Vigo Consulting (UK Media & Investor Relations)           www.vigoconsulting.com (http://www.vigoconsulting.com/)
 Jeremy Garcia / Fiona Hetherington / Kendall Hill         Tel: +44 20 7390 0238
 ginv@vigoconsulting.com (mailto:ginv@vigoconsulting.com)

 

About Global Invacom Group Limited

 

Global Invacom is a fully integrated satellite equipment provider with sites
across Singapore, China, Indonesia, Philippines, Malaysia, Israel, UK and the
U.S. Its customers include satellite broadcasters such as Sky Group of the UK
and Dish Network of the USA and Data over Satellite providers including Hughes
Network Systems, Viasat and Gilat Satellite Networks.

 

Global Invacom provides a full range of satellite ground equipment including
antennas, LNB receivers, transceivers, fibre distribution equipment,
transmitters, switches, and video distribution components, as well as
manufacturing services for the defence and healthcare sectors. The Group is
the world's only full‐service outdoor unit supplier.

 

Global Invacom is listed on the Mainboard of the Singapore Exchange Securities
Trading Limited and its shares are admitted to trading on the AIM Market of
the London Stock Exchange.

 

For more information, please refer to www.globalinvacom.com
(http://www.globalinvacom.com/)

 

 

The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) No.
596/2014, as it forms part of UK domestic law.

 

 

 

 

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