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UK TRADING UPDATE SUMMARY: Avacta, Genedrive Progress With Virus Tests

Fri, 1st May 2020 13:28

(Alliance News) - The following is a round-up of updates by London-listed companies on the impact of the Covid-19 pandemic, issued on Friday and not separately reported by Alliance News:



Avacta Group PLC - biotherapeutics - Partnering with US-based Adeptrix to develop Covid-19 antigen test.



Genedrive PLC - molecular diagnostics - Says development of SARS-CoV-2 testing kit passes manufacturing milestone. On track for CE marking in roughly three weeks.



Inspiration Healthcare Group PLC - medical equipment - Says first consignment of ventilators arrived from supplier to the UK to be used by NHS.



Frontier IP Group PLC - investor - Molendotech investee secures GBP425,000 in equity raise to fund development of rapid testing product for harmful bacteria. Says product receiving interest from potential customers attempting to tackle Covid-19.



Catenae Innovation PLC - digital media - Builds data-protection compliant platform named Cov-ID to track user's Covid-19 test status. Expects project to enter trialling and finalisation phase in mid-May.



Shield Therapeutics PLC - pharmaceuticals - Says manufacturing partners for Feraccru iron deficiency product continuing to work undisrupted. Too early to say whether sales in Germany and UK will hurt by Covid-19.



Metals Exploration PLC - exploration and development - Operations in Philippines reduced to minimum to obey government measures. Says supply chain interruptions have meant some equipment deliveries delayed.



Angus Energy PLC - oil and gas development - Says work to restart gas production at Saltfleetby continuing on schedule. In April sent tenders to bidders for various items for gas production at site. Says delaying bidding deadline due to Covid-19.



Rose Petroleum PLC - oil and gas - Taken action to cost cuts amid virus and failed OPEC talks causing crude market turmoil. Directors taking 50% salary cut. Seeking shareholder approval for name change to Zephyr Energy PLC following restructuring last year.



Rainbow Rare Earths Ltd - rare earth element miner - Says Gakara operations in Burundi continued mostly unhampered by Covid-19. Says 100 tonnes of concentrate reached Dar es Salaam, Tanzania by road due to air travel restrictions. Work continuing for maiden JORC resource.



Igas Energy PLC - hydrocarbon producer - Shutting down some operations in May and June due to low oil price and market volatility. Closure to reduce production by about 600 barrels of oil equivalent per day. Will save roughly GBP500,000 in costs over the two months.



Petra Diamonds Ltd - diamond miner - Says South African operations scaled up to 50% capacity as lockdowns ease. Says 3.8 million carats production guidance remains suspended. Chief executive and finance director take 25% salary cut.



Ferro-Alloy Resources Ltd - vanadium mining - Says full-year results delayed amid UK Financial Conduct Authority moratorium. Production of acid-recoverable concentrates temporarily suspended due to Covid-19; other operations continue but at slower pace.



Thor Mining PLC - tungsten explorer - Reducing costs and taking advantage of Covid-19 financial aid by Australian government.



Lekoil Ltd - oil producer - Defers final USD7.6 million tranche of payment to Optimum Petroleum Development Co to cover costs at OPL 310 License. Payment now split into three tranches, starting with USD1.0 million in July before USD2.0 million in September.



Danakali Ltd - potash producer - Says on-site activities in Eritrea suspended due to Covid-19. Expecting reduced costs in second quarter due to savings.



Prairie Mining Ltd - coal developer - Poland operations limited as a result of pandemic travel restrictions.



Bisichi PLC - miner - Says 2019 results delayed beyond April 30, after UK financial regulator allowed an extra two months.



Salt Lake Potash Ltd - potash producer - Says virus has not had material impact on project schedules; operational changes in place to minimise Covid-19 impact. Directors and executives take 40% pay cut to save costs.



Riverstone Credit Opportunities Income PLC - investor - Fair value of portfolio down 4.1% on March 31 from December 31 due to Covid-19 market turmoil and volatile commodity prices.



Princess Private Equity Holding Ltd - investor - Says March 31 net asset value returns negative 14.1% in March alone and negative 14.8% in first quarter amid Covid-19 impact on markets.



Arden Partners PLC - stockbroker - Says start to six months to April 30 was strong, despite UK political uncertainty amid Brexit and general election. Equity trading operation suffered "material losses" amid market response to virus. Says annual costs to be 25% lower year-on-year and board taking 40% salary cut. Some staff furloughed.



James Cropper PLC - paper and advanced materials - Adjusted pretax profit for year ended March 28 to be in excess of GBP6 million, ahead of market expectations. Reports virus has reduced product demand across all divisions.



Brickability Group PLC - construction materials - To begin re-opening of sites from Friday onwards.



Quadrise Fuels International PLC - heavy fuel oil alternatives maker - Says GBP500,000 of cost savings achieved, meaning it can operate until second quarter of 2021 based on existing funds. Says operations continuing to "very good effect" despite Covid-19 restrictions.



HML Holdings PLC - property services - Says profits for year ended March 31 slightly behind management expectations. Does not anticipate long-term impact from Covid-19, but sees reduction in ancillary revenue streams in the short-term.



SpaceandPeople PLC - retail space selling and marketing - Reports GBP1 million funding application under UK's coronavirus business interruption loan scheme is successful.



Bonhill Group PLC - media firm - Biggest impact from pandemic has been on events business. Says most events moved to second quarter. Furloughs 10% of UK workforce, reduces hours and implementes hiring freeze. Says cost cuts have led to savings of GBP2.5 million.



Frontier Developments PLC - video game developer - Says lockdowns boosting demand and video game sales rising. Expects revenue for year to May 31 at top end of GBP65 million and GBP73 million range.



By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News

IN BRIEF: Angus Energy Inks Agreement With National Grid

IN BRIEF: Angus Energy Inks Agreement With National Grid

9 Jul 20 17:48

Angus Energy strikes gas construction deal with National Grid

(Sharecast News) - Angus Energy updated the market on progress made on its interests at Saltfleetby on Thursday, reporting that its wholly-owned subsidiary Angus Energy Weald Basin No.3 has entered into a gas construction agreement with National Grid.

9 Jul 20 08:57

IN BRIEF: Angus Energy's Saltfleetby Facility Installation Approved

IN BRIEF: Angus Energy's Saltfleetby Facility Installation Approved

12 Jun 20 12:48

Angus Energy gets approval for Saltfleetby processing facilities

(Sharecast News) - Angus Energy has received notification from Lincolnshire County Council that prior approval has been obtained for the installation of processing facilities at the Saltfleetby 'B' site, it announced on Friday.

12 Jun 20 09:31

UK TRADING UPDATE SUMMARY: Air Partner Sees Strong Freight Activity

UK TRADING UPDATE SUMMARY: Air Partner Sees Strong Freight Activity

4 Jun 20 17:00

Angus Energy submits planning application for pipeline extension

(Sharecast News) - Angus Energy submitted its application to Lincolnshire County Council for the 750 metre extension of the pipeline to the National Grid Terminal, it announced on Thursday, remaining "very close" to its advised timetable.

4 Jun 20 13:56

UK EXECUTIVE CHANGE SUMMARY: McColl's Hires Restaurant Exec As New CFO

UK EXECUTIVE CHANGE SUMMARY: McColl's Hires Restaurant Exec As New CFO

28 May 20 14:10

UK TRADING UPDATE SUMMARY: Avacta, Genedrive Progress With Virus Tests

UK TRADING UPDATE SUMMARY: Avacta, Genedrive Progress With Virus Tests

1 May 20 13:28

Angus Issues GBP1.4 Million Loan Note To Part-Repay Existing Loan

Angus Issues GBP1.4 Million Loan Note To Part-Repay Existing Loan

20 Apr 20 17:59

Angus Energy secures ?1.4m through convertible loan note

(Sharecast News) - Angus Energy has issued a 4% per annum ?1.4m convertible loan note to significant shareholder Knowe Properties, it announced on Monday.

20 Apr 20 09:40

West Sussex County Council Likely To Block Angus Energy's Balcombe

West Sussex County Council Likely To Block Angus Energy's Balcombe

17 Mar 20 18:06

Angus Energy Loss Widens; Report Completed For "Gem" Asset Saltfleetby

Angus Energy Loss Widens; Report Completed For "Gem" Asset Saltfleetby

5 Mar 20 14:07

Angus Energy Reduces Riverfort, YA Debt To GBP800,000

Angus Energy Reduces Riverfort, YA Debt To GBP800,000

18 Feb 20 16:53

Angus Energy Anticipates Council's Balcombe Planning Meeting In March

Angus Energy Anticipates Council's Balcombe Planning Meeting In March

12 Feb 20 12:46

Angus Energy Completes 51% Farm-In To Saltfleetby Gas Field

Angus Energy Completes 51% Farm-In To Saltfleetby Gas Field

28 Jan 20 18:55

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