BRIEF-Motus Holdings Withdraws All Previous Guidance

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BRIEF-Motus Holdings Withdraws All Previous Guidance
Credit: © Reuters.

April 23 (Reuters) - Motus Holdings Ltd MTHJ.J :

* VOLUNTARY TRADING UPDATE FOR THE NINE MONTHS TO 31 MARCH 2020

* REDUCED REMUNERATION OF CEO BY 20% AND NON-EXECUTIVE AND EXECUTIVE DIRECTORS, AND EXECUTIVE COMMITTEE MEMBERS BY 15% FOR SIX MONTHS

* TRADING FOR NINE MONTHS TO 31 MARCH 2020 HELD UP REASONABLY WELL, BROADLY IN LINE WITH TRADING FOR NINE MONTHS LAST YEAR

* INITIAL EFFECTS OF VIRUS WERE ONLY EFFECTIVE FROM SECOND HALF OF MARCH 2020 AND FULL IMPACT WILL BECOME EVIDENT FROM APRIL 2020

* REDUCED REMUNERATION OF UK CEO BY 20% AND EXECUTIVE BOARD MEMBERS BY 15% FOR SIX MONTHS STARTING 1 APRIL 2020

* NINE MONTH OPERATING PROFIT REMAINED STABLE COMPARED TO PRIOR NINE-MONTH PERIOD, WITH MARGINS AT A LEVEL OF BETWEEN 4,3% TO 4,5%

* COMPLIANCE WITH GUIDELINES RESULTED IN OVER 90% OF OPERATIONS BEING SHUT DOWN DUE TO LOCKDOWN

* SUSPENSION OF SHARE BUYBACK PROGRAMME

* MOTUS HAS SUFFICIENT FOREIGN EXCHANGE COVER IN PLACE FOR HYUNDAI AND KIA UNTIL 31 DECEMBER 2020

* ENGAGING WITH ITS FUNDERS FOR RELAXATION ON MEASUREMENT OF THEIR DEBT COVENANTS FOR NEXT REPORTING PERIOD SHOULD THIS BE REQUIRED

* WITHDRAWING ALL PREVIOUS GUIDANCE MADE BY MOTUS

* DEFERRAL OF RENTALS FOR A THREE-MONTH PERIOD FOR CERTAIN LEASED PROPERTIES

* CANNOT PREDICT IMPACT OF LACK OF TRADING ON PROFITABILITY, LIQUIDITY ON BUSINESS OPERATIONS AND IMPACT IT WILL HAVE ON BANK COVENANTS

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