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Results, guidance and dividend all suspended by Secure Trust Bank
24th Mar 2020 13:08
(Sharecast News) - Secure Trust Bank announced on Tuesday that the publication of its full-year results for 2019 would be delayed beyond 26 March, which is when they had initially been expected.
The London-listed firm said the decision was made following a request from the Financial Conduct Authority (FCA) that, in light of the ongoing Covid-19 coronavirus pandemic, public companies delay making preliminary announcements that were due in the week of 23 March.
In response to that request, the company's board said it had agreed to delay announcing the 2019 results.
"On 15 January, the group issued a trading statement and noted that the 2019 full-year results are expected to be in line with management's and the market's expectations," the board said in its statement.
"This remains the case."
Secure Trust Bank said it entered 2020 aspiring to deliver double digit percentage growth in profit before tax, and after the first two months, performance was ahead of management expectations.
In recent weeks, however, the UK and global economies had become exposed to "unprecedented levels of uncertainty" due to Covid-19.
Secure Trust Bank said it was implementing plans intended to limit the operational and economic impact.
"Whilst there has been no change in business performance to date, save for reduced demand for the group's retail finance and motor finance products, it is impossible to quantify potential Covid-19 impacts with any certainty and the group is not providing forward guidance for 2020 at this time.
"For the same reason, the board is not recommending a final dividend for 2019."
Secure Trust Bank said it remained focussed on supporting its customers, staff and business partners, while seeking to mitigate risks and continue to generate profits.
At 1303 GMT, shares in Secure Trust Bank were down 7.74% at 715p.
The London-listed firm said the decision was made following a request from the Financial Conduct Authority (FCA) that, in light of the ongoing Covid-19 coronavirus pandemic, public companies delay making preliminary announcements that were due in the week of 23 March.
In response to that request, the company's board said it had agreed to delay announcing the 2019 results.
"On 15 January, the group issued a trading statement and noted that the 2019 full-year results are expected to be in line with management's and the market's expectations," the board said in its statement.
"This remains the case."
Secure Trust Bank said it entered 2020 aspiring to deliver double digit percentage growth in profit before tax, and after the first two months, performance was ahead of management expectations.
In recent weeks, however, the UK and global economies had become exposed to "unprecedented levels of uncertainty" due to Covid-19.
Secure Trust Bank said it was implementing plans intended to limit the operational and economic impact.
"Whilst there has been no change in business performance to date, save for reduced demand for the group's retail finance and motor finance products, it is impossible to quantify potential Covid-19 impacts with any certainty and the group is not providing forward guidance for 2020 at this time.
"For the same reason, the board is not recommending a final dividend for 2019."
Secure Trust Bank said it remained focussed on supporting its customers, staff and business partners, while seeking to mitigate risks and continue to generate profits.
At 1303 GMT, shares in Secure Trust Bank were down 7.74% at 715p.