28 Jun 2019 07:00
IDE Group Holdings Plc
("IDE", the "Group" or the "Company")
Publication of Audited Accounts and Temporary Suspension of Trading in Shares
IDE, the mid-market network, cloud and IT Managed Services provider, provides an update on the publication of its audited accounts for the year ended 31 December 2018 ("FY18").
As set out in the preliminary unaudited results released today, the Company underwent significant but positive financial and operational change in FY18. The extent of change has led to a delay in publishing FY18 audited accounts and the Board is working closely with the auditor in order to publish the audited accounts in early July.
As a result, the Company will not report its audited results for FY18 by 30 June 2019, as required under the AIM Rules for Companies. Accordingly, the Board expects that dealings in the Company's ordinary shares will be temporarily suspended from trading on AIM with effect from 7.30 a.m. on Monday 1 July 2019 until such time as the Company's audited results for FY18 have been published in compliance with AIM Rule 19.
As set out in the preliminary unaudited results released today, following the successful refinancing completed in early 2019, the Company now has long-term, secure funding and the Board is pleased to announce that the Group is trading to management expectations and is profitable at an Adjusted EBITDA* level for the year to date.
* Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation, impairment charges and exceptional items
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
IDE Group Holdings Plc Andy Parker, Executive Chairman
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