(Alliance News) - Pelatro PLC on Tuesday said it will postpone the publication of its 2019 results, which were expected to be in line with expectations.
On Sunday, the UK Financial Conduct Authority asked all companies due to produce preliminary financial statements in the next few days to delay publication due to disruptions caused by the coronavirus. The watchdog urged all listed companies to observe a moratorium on the publication of preliminary financial statements for at least two weeks.
The enterprise software company said it can continue to function efficiently even if most employees are working from home. Pelatro said it has no supply chain dependencies and its software products continue to be available without interruption.
With regard to travel restrictions, the company said travelling is generally helpful to progress sales opportunities, but video conferencing is effective as a tool to replace physical meetings.
With respect to implementation and support, Pelatro said it has always been keen to minimise the need for on-site activity to minimise costs. Thus, current Covid-19 related travel restrictions are having a relatively limited effect on Pelatro's operations, it said.
Looking ahead, Pelatro said it believes that the telecommunications industry is likely to be less affected by any economic downturn, whether local or global, than most, particularly as certain telecoms activities tend to increase in "stay at home" periods.
AIM-listed Pelatro shares were trading 25% higher in London on Tuesday at 34.94 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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