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    SYS   PK0109001013

SYSTEMS LIMITED

(SYS)
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Systems Limited : KPMG LLP - Administrators appointed to Cardinal Shopfitting and Systems

07/14/2020 | 08:50am EST

Howard Smith and Dave Costley-Wood from KPMG's Restructuring practice were appointed Joint Administrators of Cardinal Shopfitting and Systems Limited on 13 July 2020.

The Bradford-based company is an interiors manufacturer largely supplying into the retail sector, with clients including major high street chains, alongside a residential property offering.

The business is unable to continue trading given a collapse in its order book, following the impact of COVID-19 driving change and uncertainty in the retail sector post-lockdown.

Regrettably, this means 135 of the 170 staff approximately half of whom were on furlough were made redundant following the appointment of the administrators. The remaining 35 will assist the administrators in the short term to complete work in progress.

Howard Smith, Joint Administrator and Associate Partner at KPMG, said: 'Cardinal is a victim of the retail sector at large conducting a strategic reassessment of the needs of its store estate following the COVID-19 lockdown. Without plans to invest in their high street presence until 2021 at the earliest, Cardinal's client base were unable to provide the necessary certainty over future contracts to enable it to continue trading.

'We have employment specialists liaising with the workforce to support them through the redundancy process.'

Contact:

Alison Anderson

Tel: +44 (0)113 254 2980

Email: alison.anderson@kpmg.co.uk

About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of GBP2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, Legal and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ('KPMG International'), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

KPMG International Cooperative ('KPMG International') is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-a-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 14 740 M 83,4 M 83,4 M
Net income 2021 3 474 M 19,7 M 19,7 M
Net cash 2021 4 514 M 25,5 M 25,5 M
P/E ratio 2021 28,8x
Yield 2021 0,69%
Capitalization 101 B 571 M 570 M
EV / Sales 2021 6,53x
EV / Sales 2022 4,65x
Nbr of Employees 2 289
Free-Float 55,4%
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 729,50 PKR
Average target price 1 029,75 PKR
Spread / Average Target 41,2%
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Managers and Directors
Muhammad Asif Peer Chief Executive Officer, MD & Executive Director
Roohi Khan Chief Financial Officer
Aezaz Hussain Chairman
Sohail Faraz Head-Internal Information Technology
Asif Akram Chief Operating Officer
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