Horizon Discovery Group plc Full Year Results Deferral and COVID-19 Update (7937H)
March 27 2020 - 3:00AM
UK Regulatory
TIDMHZD
RNS Number : 7937H
Horizon Discovery Group plc
27 March 2020
Horizon Discovery Group plc
FCA Temporary Moratorium on Release of Full Year Results by All
Public Companies and COVID-19 Update
Cambridge, UK, 27 March 2020: Horizon Discovery Group plc (LSE:
HZD) ("Horizon" "the Group" or "the Company"), a cell engineering
company focused on commercializing the application of gene editing
and gene modulation to accelerate scientific innovation and
biopharmaceutical drug development, today announces that it will
follow the request from the Financial Conduct Authority ("FCA") for
all public companies to delay the publication of Preliminary
Results for at least two weeks from 21 March 2020 and defer the
announcement of its audited Full Year 2019 Results . Horizon had
intended to publish audited Full Year Results on 30 March 2020.
The Company will notify the market with a new date for when it
intends to publish its audited Full Year 2019 Results, in due
course.
COVID-19 update
Events in relation to the COVID-19 pandemic continue to evolve
rapidly and the Group is monitoring the situation closely.
Horizon's first priority remains the health and safety of its
employees and visitors to its sites. The Group has actioned
business continuity plans aimed at safeguarding its employees and
their dependents while maintaining Horizon's inventory,
manufacturing, production and service capacity.
As part of Horizon's business continuity plans, the Company
invested in an IT infrastructure that enables effective remote
working when needed. Horizon's experienced laboratory teams can
work flexibly, facilitating different working patterns that will
both minimize the impact of COVID-19 and meet the Group's duty of
care to its employees.
Horizon has moved into 2020 with a simplified, more robust and
focused business. As a high-growth Group comprising a mix of
well-established and potentially disruptive business units, Horizon
has not yet seen any material impact to the business from COVID-19.
The Group has put in place contingency measures to support any
additional changes that might be necessitated by the fluidity of
the current situation. Furthermore, at this point in time, Horizon
is not currently experiencing any delays in either distributing its
products or running its service projects and, in the UK and US,
governmental authorities have confirmed that both operations are
essential industries(1,2) as are many of the Group's customers.
Therefore, Horizon expects to remain fully operational during this
time.
Given the rapid evolution of the situation, the Group is unable
to predict the full year consequences of the coronavirus pandemic.
Horizon continues to have a strong, forward looking order book and
started the year with GBP18.8m of cash. The Group is reviewing the
potential impacts of coronavirus and evaluating options to conserve
cash. Horizon believes that these measures and the Group's existing
cash balance provides the Company with a significant runway to
weather a downturn.
References
(1) US, Dharmacon operations in Boulder: Boulder County
guidelines on Healthcare Operations during COVID lockdown (Boulder
County Public Health: Stay at Home Order, 25 March:
https://www.bouldercounty.org/families/disease/covid-19/stay-at-home-order/#healthcare-operations
)
(2) UK: Government guidance on key workers in Health and Social
Care (Gov.UK: Guidance for schools, childcare providers, colleges
and local authorities in England on maintaining educational
provision, 19 March:
https://www.gov.uk/government/publications/coronavirus-covid-19-maintaining-educational-provision/guidance-for-schools-colleges-and-local-authorities-on-maintaining-educational-provision
)
Ends
For further information from Horizon Discovery Group plc, please
contact:
Horizon Discovery Group plc
Terry Pizzie, Chief Executive Officer
Jayesh Pankhania, Chief Financial Officer
Jon Davies, Head of Investor Relations
Tel: +44 (0) 1223 655 580
Numis Securities Limited (Broker and NOMAD)
Freddie Barnfield / Duncan Monteith
Tel: +44 (0) 207 260 1000
Consilium Strategic Communications (Financial Media and Investor
Relations)
Mary-Jane Elliott / Matthew Neal / Melissa Gardiner
Tel: +44 (0) 20 3709 5700
Email: horizon@consilium-comms.com
Westwicke, an ICR Company (US Investor Relations)
Stephanie Carrington
Tel. +1 646-277-1282
Email: horizondiscovery@icrinc.com
About Horizon Discovery Group plc www.horizondiscovery.com
Horizon Discovery Group plc (LSE: HZD) ("Horizon") is a cell
engineering company focused on commercializing the application of
gene editing and gene modulation to accelerate scientific
innovation and biopharmaceutical drug development. Horizon's
portfolio of tools and services is built on decades of experience
in altering the expression of genes across mammalian and human cell
types to provide cell engineering tools and services to customers
in three key areas of the therapeutic ecosystem: basic research,
drug discovery and development and therapeutic applications.
Horizon's offerings support and enable critical elements of the
drug development and therapeutic value chain, particularly in the
area of precision medicine. Horizon's customers include
biopharmaceutical and diagnostics companies, contract research and
manufacturing organizations and academic researchers across the
globe.
Horizon is headquartered in Cambridge, UK with offices in USA
and Japan. The Group is listed on the London Stock Exchange's AIM
market under the ticker HZD.
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contact rns@lseg.com or visit www.rns.com.
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