Paragon ID (Euronext Paris - FR0011980077 - PID), the leading provider of identification solutions for e-ID, Transport & Smart Cities, Traceability & Brand Protection, and Payment, provides the following comments on the possible consequences of the Covid-19 pandemic on its activities.
The most recent containment measures implemented by various states throughout the world have raised fears of a general deterioration in the global economy. This deterioration could result in the postponement of buying decisions and in the reduction in utilisation of certain Paragon ID products.
Much of Paragon ID's business is linked to the transportation of people and objects. The current context could result, for example, in:
- a decline in the numbers of people commuting in large urban areas impacting demand for tickets and transport cards;
- a fall-off in international travel which could lead to a drop in the number of people renewing or applying for passports, for which Paragon produces RFID components;
- a slow-down of the adoption and implementation of the IATA resolutions on the deployment of RFID luggage tags, as airlines struggle to create cash for investment in new programmes.
To date, Paragon ID has not experienced any major impact of the epidemic on its activity.
Paragon ID has production units based in Europe (France and Romania), the United Kingdom and the United States. The Company's policy of manufacturing close to its customers appears to be limiting disruptions to the Supply Chain.
At the same time, preventive measures have been implemented to reduce the risk of contamination among the company's employees. Plans have been drawn up at various sites to mitigate the risks of potentially having to close a factory or a section thereof.
Paragon ID is closely monitoring the situation and will keep the market informed of any significant developments in its business.
Financial agenda for the 2019/20 financial year
|2019/20 Half-year results||30 March 2020|
|2019/20 Q3 turnover||28 April 2020|
|2019/20 Q4 turnover||23 July 2020|
|2019/20 annual results||27 October 2020|
These dates are given for information only, they are subject to change. The publications will take place before the opening of the Euronext markets.
About Paragon ID
Paragon ID is a leader in identification solutions, in particular in the e-ID, Transport & Smart Cities and Traceability & Brand Protection sectors. It recently entered the area of Payment through its acquisition of AmaTech Group and has built on this through its acquisition of Thames Card Technology in November 2019.
Paragon ID employs more than 750 staff, with manufacturing sites in US and Europe, close to its customers.
Paragon ID is listed on Euronext Paris with a majority of its shares being held by Paragon Group, a leading provider of Identification and Customer Communications services. Paragon Group has a turnover in excess of €1.25 billion and 8,000 employees. For further information about Paragon Group, visit Paragon-europe.com.
Euronext Paris - Share identification: Paragon ID - ISIN Code: FR0013318813 - Mnemonic code: PID.
For further information about Paragon ID, visit Paragon-id.com.