Vulcan Industries Plc - Update on Accounts Publication
PR Newswire
London, November 30
1 December 2020
Vulcan Industries plc
Update on Accounts Publication
Vulcan Industries PLC (the "Company" or the "Group") announces that, due to the ongoing Covid-19 restrictions, there will be a further delay in the publication of the Company's audited financial results for the year ended 30 March 2020 and we are working closely with the Company's auditors to ensure that the Group's results are finalised and released as soon as practical in the course of December.
The reason for this delay is because two subsidiaries of the Group (M&G Olympic Products Limited ("M&G") and IVI Metallics Limited) are based in the East Midlands and Northern England which have been severely affected by Covid-19 outbreaks and local lockdown restrictions during the audit. A number of key operational staff have been required to isolate and others taken ill. Most recently, Sheffield (where M&G's facilities are located) was placed under strict Tier 3 lockdown restrictions making site access and safeguarding our workforce and auditors' welfare extremely challenging. Furthermore, key members of our finance department were instructed by the NHS "Track and Trace" service to self-isolate.
Activity in the first quarter of the current financial year was severely impacted by the initial Covid-19 lockdown. Nonetheless M&G operated, albeit at reduced levels, throughout the period and the remaining operations resumed activity towards the end of June 2020. By the end of the second quarter, activity levels were ahead of internal forecasts made at the time of admission to AQSE. This progress has continued into the third quarter. The Group's balance sheet has been further strengthened by the equity issues in the total amount of £760,023.80 since the Company's admission to AQSE on 1 June 2020.
AQSE have confirmed that trading in the Company's shares will continue pending publication of the audited financial statements.
We take this opportunity to thank our shareholders and staff for their continued support and PKF's team for their professionalism demonstrated during this unprecedented time.
About Vulcan
Vulcan seeks to acquire and consolidate traditional but historically profitable engineering, manufacturing and industrial SMEs for value and to enhance this value in part through group synergies, but primarily by unlocking growth which is not being achieved as a standalone private company. For further information, visit: https://vulcanplc.com
For further information, please contact:
Contacts
| Vulcan Industries plc | Via Vox Markets |
| Ian Tordoff, Chairman | |
| John Maxwell, CEO | |
| First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser) | +44 7876 888 011 |
| Brian Stockbridge | |
| Gabrielle Cordeiro | |
| Vox Markets (Media and Investor Relations) | vulcan@voxmarkets.co.uk |
| Kat Perez | +44 7881 622 830 |
| Paul Cornelius | + 44 7866 384 707 |
