23 Oct 2015 07:00
Holders Technology plc
Trading Update
Holders Technology plc ("the Group" or "the Company") announces that trading for the year to 30 November 2015 has been, to date, broadly in line with expectations with the exception of its Holders Technology Germany ("HTG") Printed Circuit Board ("PCB") division. Trading in the HTG PCB division has been adversely impacted by a fire at a major customer's premises, combined with reduced customer demand for a number of product lines. Revenue in markets served by HTG has also been reduced by approximately 11% compared to the year to 30 November 2014 due to strengthening of Sterling compared to the Euro. HTG revenue comprises approximately 70% of Group revenue.
As a result of the above factors, Group revenue for the year to 30 November 2015 is now forecast to be c. £11 million, with an operating result of £0.2 million loss.
In addition to this operating result, the Company faces an unforeseen taxation liability in respect of EU Cross Border Group Relief ("CBGR") claims relating to its former Swedish and Dutch divisions. Following an EU Court of Justice ("CJEU") ruling earlier this year, certain CBGR claims relating to the years 2003 to 2009 may no longer be allowable by HMRC. Since the CJEU ruling the Company has withdrawn certain CBGR claims totalling £65,000. Further claims and interest totalling £135,000 are currently under discussion with HMRC. The total CBGR liability is therefore between £65,000 and £200,000.
Results for the year to 30 November 2015 will be announced on 12 February 2016.
For further information, please contact:
Holders Technology plc 020 8236 1490
Rudi Weinreich, Executive Chairman
Victoria Blaisdell, Group Managing Director
Paul Geraghty, Group Finance Director
Northland Capital Partners Limited - Nomad & Broker 020 7382 1100
William Vandyk
Website: www.holderstechnology.com