REG - Touchstar PLC - Trading Update

TouchstarAnnouncement

11/03/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240311:nRSK2237Ga&default-theme=true

RNS Number : 2237G  Touchstar PLC  11 March 2024

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

 

 

Touchstar plc

(the "Company", "Touchstar" or the "Group")

 

Full year trading update for the year ended 31 December 2023

 

Revenue and profits expected to be in line with expectations

Lower tax charge and successful share buybacks to have a beneficial impact on
earnings per share.

Confident in the outlook for 2024

 

 

Touchstar plc (AIM: TST), suppliers of mobile data computing solutions and
managed services to a variety of industrial sectors, is pleased to announce a
trading update for the year ended 31 December 2023 ("FY23").

 

Trading update and financial position

 

The unaudited full year outcome for FY23 is expected to be broadly in line
with market expectations at the revenue and profit before tax levels.
Unaudited revenue shows an increase of approximately 7% on FY22. Unaudited
profit before tax show an increase of approximately 60% on FY22.

 

The tax charge is now anticipated to be materially lower than previous
expectations and when this is combined with the beneficial effect of the share
buybacks as a result earnings per share is now expected to be well above
market expectations. The Company purchased 275,000 Ordinary Shares during
FY23.

 

Net cash as at 31 December 2023 was £3m (FY22: £3.4m).

 

Prospects for 2024

 

Trading remains on track for 2024 to be a year of

·    Further revenue growth

·    Maintenance of healthy margins

·    Positive cash generation

·    Progress in profitability

 

Ian Martin, Chairman, commented: "Touchstar entered 2024 in good shape. In the
market sectors in which we operate activity continues, which gives reassurance
for the outlook in 2024. The medium-term prospects for the company have
improved. The team is now focussed on making such opportunity a reality,
enabling a long term continuation of the positive trends in financial
performance, building upon the solid platform we have developed and making
Touchstar a better business."

 

 

Touchstar expects to report its final results for the year ended 31 December
2023 on or around 17 April 2024.

 

 

For further information, please contact:

 

 Touchstar plc                                  www.touchstarplc.com (http://www.touchstarplc.com/)

 Ian Martin                                     0161 874 5050

 Mark Hardy                                     0161 874 5050
 WH Ireland - Nominated Adviser & Broker        www.whirelandcb.com (http://www.whirelandplc.com/)

 Corporate Finance - Mike Coe/Sarah Mather      020 7220 1666

 

Information on Touchstar plc can be seen at: www.touchstarplc.com
(http://www.touchstarplc.com/)

 

This information is provided by RNS, the news service of the 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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTUPUGPWUPCGQR