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DJ Wheelsure Holdings (WHLP) Trading Statement

 
TIDMWHLP 
 
 

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.

 

Trading update

 

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.

 

Enquiries

 
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.

 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20200207005202/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

February 07, 2020 06:00 ET (11:00 GMT)