(Correcting that Macfarlane expects demand to reduce to between 75% and 80% of that seen in the second quarter of 2019 and not to drop by 75% to 80% as previously reported.)
(Alliance News) - The following is a round-up of updates by London-listed companies on the impact of the Covid-19 pandemic, issued on Tuesday and not separately reported by Alliance News:
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Macfarlane Group PLC - packaging and labels - Demand in the second quarter of 2020 expected to be between 75% and 80% of that seen in the second quarter of 2019 due to Covid-19 measures. Nonetheless, the second quarter is still likely to be profitable despite being well below first quarter. Hygiene, household essentials, medical and food sector demand still show demand while automotive, aerospace "certain retail segments" materially hurt with business down. No final dividend to be proposed for 2019 at AGM.
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Arricano Real Estate PLC - shopping malls - Temporary customer access restrictions at Ukrainian shopping centres in Zaporizhzhia and Kryvyi Rig been lifted by authorities. The City Mall and Sun Gallery shopping centres re-opens, excluding entertainment centres and food courts. Other shopping centres still only partially open.
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Octagonal PLC - financial services - Unit Global Investment Strategy UK to post earnings before interest, tax, depreciation, and amortisation of GBP1.7 million for financial year ended March 31 from GBP1.8 million year before. Sales GB5.8 million versus GBP5.4 million. Profit margins down and administration costs higher due to subsidiary development. Covid-19 produces drop in event driven equity volumes but credit trading increase.
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Speedy Hire PLC - tools and equipment hire - Publication of annual report for year ended March 31 scheduled for June 9 so as to allow audit while remote working. No trading change since April update. Cash Position "robust" and unused banking facilities "substantial". Speedy Hire confident in operating within current debt facilities and covenants tests even in prolonged period where trading activity reduced.
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Ncondezi Energy Ltd - power developer - Loan holders send "in principle" support for loan restructuring with extension of existing terms including 12% annual interest rate and ability to swap debt for equity at 10.0p per share. This would extend the loan by 12 months from the future restructuring approval date and include a right for Ncondezi to repay the original principal of the loan plus conversion of all interest into Ncondezi shares at a premium of between 25% and 30% to the volume weighted average price. This restructuring is currently awaiting approval from Africa Finance Corp, which has been delayed lately by Covid-19 but all lenders including AFC have agreed not to call the loan while restructuring is ongoing. The loan matures November 30 and is valued now at USD4.5 million, with half the loan held by AFC.
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Angling Direct PLC - fish tackling equipment - Annual results for year ended January 31 delayed to June 3 from May 13 due to Covid-19 disruption of audit. To post turnover of GBP53.1 million and a loss before interest, tax, depreciation and amortisation of up to GBP500,000 before IFRS 16 impact. Encouraging trade across webstores both in the UK and international with April's online sales up 24% year-on-year. Cash of GBP6.0 million as at April 30 plus access to a GBP2.5 million undrawn credit facility until September.
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Marlowe PLC - safety and compliance - Revenue for year ended March 31 up 44% at GBP185 million from GBP128.5 million, including 7% organic revenue growth. Adjusted earnings before interest, tax, depreciation and amortisation to align with market expectations with "good margin expansion". Net debt at March-end of GBP32.4 million. Operating effectively under Covid-19 restrictions.
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Gore Street Energy Storage Fund PLC - renewable energy sector investor - Construction on two 50 megawatt assets in Northern Ireland resumes at recommendation of engineering, procurement, and construction contractor NEC. Both the Mullavilly and Drumkee sites will resume construction with "strict social distancing measures". On track for both assets to become fully operational on time to secure DS3 uncapped contracts in April 2021 with construction of Northern Irish assets to finish December. Both Republic of Ireland 30 megawatt assets still set to meet completion date estimate.
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By Anna Farley; annafarley@alliancenews.com
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