IDE Group Holdings PLC Reporting Extension and Trading Update (8935Q)

TIDMIDE

RNS Number : 8935Q

IDE Group Holdings PLC

30 June 2022

IDE Group Holdings Plc

("IDE" or the "Company")

Extension of Reporting Deadline and Trading Update

IDE Group Holdings plc, the mid-market network, technology outsource partner announces that it now expects to publish its final results for the year ended 31 December 2021, towards the end of July 2022 following completion of the audit.

The delay in publication relates to the cumulative impact of Covid, including related staff absences from Covid and the resulting impact on the audit process. The Company has been granted an extension of up to two months to publish its annual audited report and accounts for the year ended 31 December 2021, in line with the guidance provided by AIM Regulation in Inside AIM on 27 January 2021.

In the Company's FY21 trading update of 27 January 2022, the Company stated that revenue would not be less than GBP14m and EBITDA would not be less than GBP2.5m. The Company confirms that trading EBITDA was cGBP3.0m but that as a result of various potential non-trading audit adjustments this could potentially increase.

Trading in 2022 has remained resilient and in line with Management expectations, with the Company delivering revenue and EBITDA for the 5 months to 31 May 2022 of GBP6m and GBP0.6m respectively. Management is expecting a stronger second half of the year, with a pipeline or orders with higher margins. As such, the board remains comfortable with market expectations for the current financial year.

Contacts:

 
 IDE Group Holdings Plc                           Tel: +44 (0)344 874 
  Andy Parker, Non-Executive Chairman              1000 
 finnCap Limited                                  Tel: +44 (0)20 7220 
  Nominated Adviser and Broker                     0500 
  Corporate finance: Jonny Franklin-Adams/ Abby 
  Kelly 
  ECM: Tim Redfern/ Richard Chambers

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