DJ Wheelsure Holdings (WHLP) Trading Statement
Wheelsure Holdings plc
("Wheelsure" or the "Company")
Trading and working capital update
The Board of Wheelsure, the industrial engineering company, issues the following trading and working capital update ahead of the publication of the Company's results for the year ended 31 August 2019 due to be announced by 28 February 2020.
The results for the year ended 31 August 2019 will show increased sales and reduced costs over the previous year.
The Company has strengthened its customer base in Transport for London ("TFL") and this has contributed 40% to the annual sales. The benefits of the Tracksure locking device have continuously been discussed with senior management and the product has been made mandatory in one application until further notice. This has already generated reasonable orders in the new financial year.
There have been also good developments with our customer base in Germany and Italy.
Working capital update
As stated in the 2018 results published on 8 May 2019, the Company had secured a working capital facility ("the facility") to allow it to concentrate on further developing our existing business and to seek new business opportunities. Budgets and cash flows were produced demonstrating that the Company will have sufficient cash resources to remain as a going concern until at least 31 May 2020. This remains the case.
Since then, the Company has continued to make encouraging levels of sales and has been very economical with costs and as such still has a small amount left undrawn from the facility. The Company has for some time been in discussions with potential providers of additional finance and hope to be in a position to conclude matters ahead of the release of the 2019 results which will enable it to continue as a going concern.
Wheelsure Holdings plc 01525 840 557 Gerhard Dodl, CEO Cairn Financial Advisers LLP 020 7213 0881 Tony Rawlinson Jonathan Giannasi
About Wheelsure Holdings
Wheelsure Holdings plc is a holding company for a Group which develops and commercialises innovative products that meet safety needs throughout the world.
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(END) Dow Jones Newswires
February 07, 2020 06:00 ET (11:00 GMT)