Last checked at 19 Mar 2020 15:41
Adams plc
("Adams" or the "Company")
Statement re COVID-19
The Directors today announce an update in response to COVID-19.
The ongoing spread of the new coronavirus has become one of the biggest threats to the global economy and financial markets. Fear surrounding the impact of COVID-19 on the global economy has hurt investor sentiment and brought down stock prices in all major markets.
This has had a negative impact on the Company's investment portfolio and generated unrealised losses which are estimated to have resulted in a loss for the current financial year to date of approximately £0.5 million. That estimated loss equates to 21% of the Company's audited net asset value at the start of the year on 1 April 2019. It is hoped that this position will not worsen significantly in the remaining days of this financial year to 31 March 2020.
The Board is confident that the Company has sufficient working capital to maintain its operations for the foreseeable future. The Company currently has cash balances of approximately £0.9 million.
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Enquiries: Adams plc Mike Bretherton Tel: +44 1534 719 761
Nomad Cairn Financial Advisers LLP Sandy Jamieson, James Caithie Tel: +44 207 213 0880
Broker Peterhouse Capital Limited Lucy Williams, Duncan Vasey Tel: +44 207 469 0930