(Alliance News) - The following is a round-up of updates by London-listed companies on the impact of the Covid-19 pandemic, issued on Monday and not separately reported by Alliance News:
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Oxford Biomedica PLC - Oxford-based gene therapy - Signs collaboration agreement with Vaccines Manufacturing & Innovation Centre, an organisation established to provide UK's first strategic vaccine development and advancing capability. VMIC to provide manufacturing equipment for Oxford Biomedica to equip two new manufacturing suites. Both firms part of Oxford University consortium focussed on scaling manufacturing of the adenovirus vector-based Covid-19 vaccine candidate AZD1222.
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Amino Technologies PLC - Cambridge-based media and entertainment - Expects revenue for six months to the end of May to be USD38.1 million, up from USD34.6 million, despite challenges in supply chain and delayed orders. Credits increased viewing on streaming platforms. Continues to secure new business, with good visibility on orders and sales pipeline.
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BiON PLC - Kuala Lumpur-based renewable energy services - For 2019, expects to report revenue up to MYR24.0 million from MYR1.9 million and a swing to pretax profit. Entered 2020 with positive momentum. Continues to deliver on its EPCC contracts and to upgrade works at Kahan biogas power plant in Johor. But construction activities on project sites ceased due to Malaysian government implementing a movement control order in March. Resumed operations in a phased manner as lockdown restrictions were eased on May 1.
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ITM Power PLC - Sheffield-based energy storage - Record backlog stands at GBP52.4 million, from GBP42.4 million at January 27. Tender opportunity pipeline to date stands at GBP263 million. Revenue for year to April 30 expected to be GBP7.0 million, down 60% year-on-year from GBP17.6 million. Also expects adjusted loss before interest, tax, depreciation and amortisation to be GBP17.5 million, widened from GBP6.7 million, due to legacy projects, Covid-19 delays, and Brexit transition effects on EU grant funding increase. Bessemer Park completion now set to be completed in Q4 2020, instead of mid-August.
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Speedy Hire PLC - Merseyside-based tool and equipment hire - April revenue ahead of management expectations, but 35% lower than year before due to reduced activity and suspensions of hired equipment. Activity has improved during May as lockdown measures ease. At total of 1,200 employees remain on furlough. Guidance remains suspended. Will publish results on June 9. Finance Director Chris Morgan to step down with effect from July 31 "by mutual agreement".
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Inspirit Energy Holdings PLC - London-based boiler developer - Expects demand for microCHP boiler to return as demand for medical supplies decrease and the supply chain for materials from European partners recover availability. Marine partner resumes operations after going into lockdown in mid-March.
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CEIBA Investments Ltd - investment in Cuban real estate and tourism - Thinks Cuba is close to announcing staged reopening of tourism industry and national borders. Miramar Trade Centre operations in first five months of 2020 surpasses same period a year before. Melia Habana hotel remains operational with rooms reserved for essential workers. Expects the Sol Palmeras hotel to be among first to reopen in Q3 2020.
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Gym Group PLC - Croydon-based gym operator - Signs an extended bank facility with GBP30 million in commitments from existing lenders. New facility has 18 months term and is an amendment to existing GBP70 million revolving credit facility signed with the same lenders in October 2019. New covenant tests relate to the performance of Gym Group against earnings targets that take into account gym closures due to Covid-19 and a "phased recovery thereafter".
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Goodwin PLC - Stoke-on-Trent-based mechanical & refractory engineering - None of its operations are to date closed for business. Medium-term impact of Covid-19 now clearer, and group confirms that manufacturing of engineering capital goods should continue positively as expected. Has record forward order book of GBP177 million. Refractory business expects 20% to 25% reduction in consumer business activity for next few months. Financial sound enough for any unexpected events.
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Croma Security Solutions Group PLC - Hampshire-based security services provider - Impact of Covid-19 only affecting retail elements of business. Expects Ebitda for financial year ending June to be at least GBP1.6 million, down from GBP1.9 million the year before. Weakness in retail offset by increased need for manned guarding services to protect empty properties and offices.
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Solid State PLC - Worcestershire-based computing products manufacturing - Trading for first two months of year ending March 31, 2021 ahead of management expectations. Experiencing slowdown in order intake, but business remains resilient through sector diversification and strong opening order book. As at May 31, open order book was GBP37.9 million, up from GBP35.9 million a year before. Outlook remains difficult to predict, but board believes it is well placed to navigate tough conditions.
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TT Electronics PLC - Woking-based engineered electronics provider - Remains operational due to having "essential business" status. However operated at lower capacity in April and May due to closures of sites in Mexico, Malaysia and Barbados. Situation improving as lockdowns ease. Revenue for first quarter of 2020 11% lower year-on-year, down 14% for five months ended May.
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By Dayo Laniyan; dayolaniyan@alliancenews.com
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