Touchstar PLC AGM Statement (7590C)

TIDMTST

RNS Number : 7590C

Touchstar PLC

23 June 2021

Touchstar plc

(the "Company", "Touchstar" or the "Group")

TRADING UPDATE

Touchstar plc, which supplies turnkey mobile solutions to the logistics, transportation and fuel delivery markets in addition to providing access control to high profile and public sector buildings, announces that the Chairman will give the following on current trading at the Company's AGM later today.

Trading Update

The encouraging trends observed across our business have continued and Touchstar's performance this year to date has exceeded our expectation. This has been achieved by favourable revenue development, an increase in margins and continued tight management of expenses.

The order book is building back, it has increased by over 50% since the year end and currently stands at over GBP750,000. Reassuringly it is beginning to include orders from sectors most impact by the pandemic.

A key focus for management is upon achieving an increasing percentage of sales from long term recurring revenue contracts. In the year to date these revenues are up 12% compared to the equivalent period last year.

We expect a strong first half performance to, at a minimum, underpin the full year results. We will more formally update expectations for both 2021 and future years when we release the Group's interim results which we expect to be announced by the middle of September.

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For further information, please contact:

 
 Touchstar plc                     Ian Martin          0161 8745050 
   Mark Hardy                                         0161 874 5050 
 WH Ireland - Nominated Adviser 
  and broker                       Mike Coe           0207 220 1666

Information on Touchstar plc can be seen at: www.touchstarplc.com

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June 23, 2021 02:00 ET (06:00 GMT)

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