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Toople PLC Continues to perform well, largely unaffected by COVID-19

Toople PLC (LON:TOOP), a provider of bespoke telecom services to UK SMEs, has today given the following update on trading ahead of the Company’s AGM, which is to be held today at 12:00 noon at Woodside 2, Dunmow Road, Birchanger, Bishop’s Stortford CM23 5RG. The Company wishes to remind shareholders that as a result of the outbreak of the coronavirus, COVID-19, and in line with restrictions on public gatherings imposed by the Government, attendance in person at the AGM is not possible.

The Company is pleased to report that the integration of the recently acquired DMS Holding 2017 Limited is progressing to plan, and substantial cost savings identified at the time of the acquisition have been made. As part of the Company’s move to operate from one location, notice of termination has been effected on the Company’s Slough premises. Once normal working practices resume and government restrictions are lifted, the Company will move all its operations to Bishop’s Stortford with a fully integrated sales and customer support platform.

Following the outbreak of COVID-19, Toople was quickly able to deploy its unified communications platform across its entire workforce and all employees, in the UK, Durban and Poland, have been able to work remotely without disruption to any of the Company’s key business functions. As a result, sales, billing and customer support functions have remained largely unaffected and the business has continued to perform well, signing new customers and servicing existing ones.

Like others, Toople relies in part on BT Openreach and other third party suppliers. At this time telco and technology infrastructure remains a critical industry sector for the country and keeping people connected is a key focus for the Government. As a result, measures are in place and working practices have changed so that customer installations and repairs, as well as infrastructure maintenance, can continue. The Board is mindful that due to the unprecedented circumstances this remains a fast-moving situation, and policy and processes may change in the forthcoming days, weeks and months. It can only be expected the investment in and the progress of online solutions for businesses will continue. However, the Company also has a disaster recovery plan in place, monitors the situation daily, and is confident that it can maintain business continuity.

Richard Horsman, Toople plc Non-Executive Chairman, commented:

“All businesses in the UK have been forced to make unprecedented changes to the way in which they operate. To believe that we are fully insulated from the global crisis would be unwise, but the Company is optimistic about its business case since it provides a critical service and many businesses are even more dependent on it now than previously. We are acutely aware of the impact of the COVID-19 virus and we have in place robust contingency plans to cope with any impact that restrictions on staff and customers may create. Our business is functioning well and the key operational and financial milestones that we outlined at the time of the acquisition of DMSL have been achieved.

“I would like to take this opportunity to thank all our staff and commercial partners for their effort and support in continuing to deliver services to our customers. Their commitment has been outstanding, not least during the current uncertainty and upheaval caused by the coronavirus pandemic and we wish them and all our customers and shareholders well.”

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