REG - Global Invacom Group - Trading Update

Global InvacomAnnouncement

03/08/2023 07:30

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RNS Number : 1250I  Global Invacom Group Limited  03 August 2023

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.

 

 

 

Global Invacom Group Limited

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

 

Trading Update

 

Singapore/London, 3 August 2023 - Global Invacom (SGX: QS9) (AIM: GINV), the
global provider of satellite communications equipment and electronics,
provides a trading update for the six months ended 30 June 2023 ("1H FY2023").

 

The Group announces that based on a preliminary review of its unaudited
financial statements for 1H FY2023, the Group expects to record a net loss of
approximately US$2.1 million for 1H FY2023 compared to a net loss of US$3.3
million for the six months ended 30 June 2022 ("1H FY2022").

 

Group revenue in 1H FY2023 is expected to be approximately US$31.3 million
versus US$37.4 million in 1H FY2022. Despite the decrease in revenue, gross
profit has increased to US$8.3 million in 1H FY2023 against US$7.4 million in
1H FY2022, with gross profit margin also increasing to 26.5% (1H FY2022:
19.7%), due to increased business focus on product mix.

 

Supply chain disruption continues in challenging market conditions; however
the implementation of efficiencies at the Group's US manufacturing facilities,
combined with actions from the ongoing strategic review, have contributed to
improved profit margins and reduced losses.

 

Further details of the Group's financial performance will be set out in the
Company's unaudited financial statements for 1H FY2023 and are expected to be
announced by 14 August 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 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 / David Asquith            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 Group comprises a number of companies specialising in
innovative technology, products and solutions for the satellite ground
equipment sector. Uniquely, the Group provides fully integrated manufacturing
for most of its product lines providing additional quality and supply chain
assurance to a global blue-chip customer base in the satellite communications,
satellite TV and satellite navigation markets.

 

The Group has an established global presence with sales offices, research and
development centres and manufacturing facilities across the world, including
Singapore, China, Indonesia, the Philippines, Malaysia, Israel, the UK, and
the USA.

 

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/)

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