2 Aug 2022 07:00
2 August 2022
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law.
Global Invacom Group Limited
("Global Invacom", the "Company" or the "Group")
Trading Update
Singapore/London, 2 August 2022 - Global Invacom (SGX: QS9) (AIM: GINV), the global provider of satellite communications equipment and electronics, announces that based on a preliminary review of the Group's unaudited financial statements for the half year ended 30 June 2022 ("1H FY2022"), the Group expects to record a net loss after tax of approximately US$3.3 million for 1H FY2022 against a net loss of US$1.2 million for the half year ended 30 June 2021 ("1H FY2021"). Group revenue in 1H FY2022 is expected to be approximately US$37.2 million versus US$40.4 million in 1H FY2021.
Global Invacom remains well positioned to capitalise on the expected growth opportunities in the DOS market, as well as the normalisation of remote working, with individuals of all demographics now increasingly dependent on reliable connectivity for their daily lives.
However, the ongoing and much publicised shortage of semiconductors globally, continues to impact the Company's ability to satisfy existing orders and generate associated additional revenue. Furthermore, the Group continues to be impacted by material availability and prices increases, compounded by labour challenges.
The Group continues to assess its cost base to streamline certain core functions and continues to reduce administrative costs, whilst not impacting its offering to customers.
Further details of the Group's financial performance will be set out in the Company's unaudited financial statements for 1H FY2022, which remain subject to auditor review, and are expected to be announced no later than 14 August 2022.
In accordance with SGX market practice, the Board of Directors of the Company wishes to advise the shareholders and investors of the Company to exercise caution when dealing in the shares of the Company. In the event of any doubt, they should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisers.
For further information, please contact:
Global Invacom Group Limited | www.globalinvacom.com |
Tony Taylor, Executive Chairman | via Vigo Consulting |
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Strand Hanson Limited (Nominated Adviser and Broker) | www.strandhanson.co.uk |
James Harris / Richard Johnson / Rob Patrick | Tel: +44 20 7409 3494 |
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Vigo Consulting (UK Media & Investor Relations) | www.vigoconsulting.com |
Jeremy Garcia / Kendall Hill | Tel: +44 20 7390 0238 |
ginv@vigoconsulting.com
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About Global Invacom Group Limited
Global Invacom is a fully integrated satellite equipment provider with sites across Singapore, China, Indonesia, Philippines, Malaysia, Israel, UK and the U.S. Its customers include satellite broadcasters such as Sky Group of the UK and Dish Network of the USA and Data over Satellite providers including Hughes Network Systems, Viasat and Gilat Satellite Networks.
Global Invacom provides a full range of satellite ground equipment including antennas, LNB receivers, transceivers, fibre distribution equipment, transmitters, switches, and video distribution components, as well as manufacturing services for the defence and healthcare sectors. The Group is the world's only full‐service outdoor unit supplier.
Global Invacom is listed on the Mainboard of the Singapore Exchange Securities Trading Limited and its shares are admitted to trading on the AIM Market of the London Stock Exchange.
For more information, please refer to www.globalinvacom.com