Octagonal PLC Trading Update and Timing Update for Accounts (8981E)
11 November 2020 - 8:00AM
UK Regulatory
TIDMOCT
RNS Number : 8981E
Octagonal PLC
11 November 2020
11 November 2020
Octagonal plc
("Octagonal" or the "Company")
Trading Update for Trading Subsidiaries and Timing Update for
Octagonal Plc audited Accounts
Octagonal is pleased to provide the following trading update for
its principal and wholly owned trading subsidiaries - Global
Investment Strategy UK Limited ("GIS") and Global Investment
Strategy HK Limited ("GISHK") for the six month period up to 30th
September 2020 and to also update on the anticipated date for
filing and notifying the Octagonal PLC audited accounts for the
year ended 31 March 2020.
Trading Update- GIS & GISHK
Highlights for GIS for six months to 30 September 2020
-- Sales increased by 42.7% against FY2019
-- Profit increased by 41.2% against FY2019
-- Strong net cash position, over GBP6.5m as at 30 September 2020.
GIS, is pleased to report unaudited revenues of GBP 4.794m and
profits of GBP 2.082m for the 6 months to 30 September 2020. This
was an increase of 42.7% in revenue and 41.2% in profit compared
with the corresponding period last year (revenue of GBP3.359m and
profits of GBP1.475m for the 6 months to 30 September 2019). The
net cash position for GIS exceeds GBP 6.5m.
Chairman and Chief Executive Officer John Gunn, said, "We
delivered strong earnings for the half year as markets remained
active through the summer months against traditional trends, and
our balanced business model continued to deliver consistent
returns.
Still, GIS faces an incredibly broad range of outcomes tied to
the coronavirus pandemic and there remain many challenges with no
assurances of sustaining these levels of revenue.
The bright spot over the period has been an increase in client
trade execution, which has benefited from increased volatility in
equity markets and Central banks unprecedented actions to support
credit markets. The actual results exceeded management
expectations.
Our HK subsidiary remained fully operational during the period
and continues to build on its network of Asia Pacific relationships
to offer service to both its London based parent and regional
clients. The HK office has contributed income to GIS, but we hope
the year ahead will see it demonstrate its fiscal autonomy as a
stand-alone entity, working in cooperation with its parent, but
also servicing Asia based clients looking for a global service
offering. The HK office made a loss of GBP153,000 for the 6 months
to September 2020 (2019: loss of GBP143,000) Net cash stands at
GBP483,000 in line with business needs and regulatory
obligations.
The Company will announce its consolidated group interims by 31
December 2020.
Accounts publication
Further to the announcement made on 30 September 2020, the Group
had applied for, and had been granted by AIM Regulation, a three
month extension to the timeline for publishing its audited accounts
for the year ended 31 March 2020 ("2020 Accounts"), which are now
expected to be published before the end of November 2020. The
Company confirms that it has been granted an extension by Companies
House to file its 2020 Accounts by 31 December 2020 from the
previous deadline of 30 September 2020.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Enquiries:
Octagonal Plc +44 (0) 20 7048 9400
John Gunn, Chairman
Beaumont Cornish (Nominated Adviser and Broker)
James Biddle / Roland Cornish +44 (0) 20 7628 3396
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END
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