14 Apr 2020 07:00
14 April 2020
RNS ANNOUNCEMENT: The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
New Trend Lifestyle Group plc
("NTLG" or the "Company" or the "Group")
Business and COVID-19 Update and Notice of Results
The Board of New Trend Lifestyle Group plc (AIM: NTLG), the Singapore-based Feng Shui products and services group, issues the following trading update.
Unaudited revenue for the year to 31 December 2019 was very slightly ahead of the prior year, at SGD6,670K (2018: SGD6,491K). For the first three months of the current financial year, the unaudited turnover from our Singapore operations has again been broadly in line with the prior year, at SGD1,818K (2019: SGD1,858K). The impact of COVID-19 has not had a material effect on revenue during the first quarter, as the Group managed to maintain sales leading up to Chinese New Year at the end of January 2020, and the period afterwards where there had been no restrictions on shop opening in relation to the COVID-19 pandemic.
However, the Singapore Government has announced that all non-essential businesses will be closed from 7 April 2020 for one month to combat the spread of the virus. This measure means that the Group's operations will be closed for this period. The Group will, wherever possible, try to take advantage of the fiscal stimulus that is being proposed by the Singapore Government, however, this is not expected to fully mitigate against the significant loss in revenue.
The Company is not able to assess the effect of the current closure in Singapore on the results for the current financial year, as it is still uncertain for how long the disruption to normal life will continue, the fiscal stimulus that may be available and the ongoing effect these issues will have on consumer demand in the short and medium term. The Board will provide further updates in this regard at the time of releasing the audited results for the year ended 31 December 2019.
The Company is working towards reporting its audited final results, for the year ended 31 December 2019, by the end of June 2020. Due to current working restrictions with our professional advisers globally, we have experienced some delays in work streams relating to the preparation of the annual accounts, however, at this time, we still expect to be able to meet the above timeline.
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For further information:
New Trend Lifestyle Group Plc Gregory Collier, Non-Executive Chairman
| +44 (0) 7830 182501 |
SPARK Advisory Partners Limited (NOMAD) Mark Brady/Neil Baldwin
| +44 (0) 20 3368 3551 |
SI Capital Ltd (Broker) Nick Emerson | +44 (0)1483 413500 |