INTOSOL Holdings PLC’s (LON:INTO) non-executive chairman Hans Joachim Bischoff highlighted financial support from the German government as the boutique travel group stressed efforts to protect shareholder interest from difficulties arising from the coronavirus pandemic.
“Since January 31, 2020, the outbreak of the novel strain of coronavirus, specifically identified as “COVID-19”, has resulted in worldwide multiple lockdowns resulting in cancellation of travel bookings with immediate effect on the company. Our focus was to solicit the German government financial support as our office and staff are based in Germany to maintain key staff and regulatory compliance as a Main Board public issuer on the London Stock Exchange”, Bischoff said in a statement, adding that the company has received a €500,000 loan from the German state to maintain its staff and operations.
The chairman continued: “The directors also take very seriously retired shareholders whom bought their shares on the market, this sits very heavily on the board. Our other challenge is the demands from pre-booked travel for refunds. The company has thousands of client requests and the time demand on our staff is very considerable. We have significant support from key advisors whom are negating fees to help the company and its shareholders through this unprecedented period of uncertainty. I wish to stress again that all our efforts are to try, protect the investment interests of our shareholders, service our travel clients demands whilst maintaining our staff and regulatory compliance.”
The statement accompanied the firm’s results for the six months to July 31, in which INTOSOL reported a pre-tax loss of €714,308 compared to a €68,289 loss a year ago, while revenues stood at €84,480 from €3.29mln in 2019.
Shares in INTOSOL were steady at 8p in early trading on Thursday.