Trading Update, AGM and Covid-19
In aggregate, trading in Q1 of 2020 has been broadly in line with the Board’s expectations. At 28 March 2020, Group cash was £14.4 million and net debt was £1.9 million. The bank loan is secured on the Group’s substantial freehold property assets and is not subject to operating covenants until the net debt level exceeds £10 million, providing substantial headroom for the Group.
As separately announced today, during March the Group’s product development business, Sagentia, has been engaged in the UK Government’s critical ventilator design initiative, known as Rapidly Manufactured Ventilator System (RMVS). A manufacturing contract for the Sagentia Ventilator is now in negotiation.