(Alliance News) - The following is a round-up of updates by UK companies on the impact of the Covid-19 pandemic, issued on Monday and not separately reported by Alliance News:
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Cairn Homes PLC - Irish housebuilder - Closes all constructions sites until April 12. As at December 31, has balance sheet with EUR91.2 million in net debt, comprising EUR56.8 million in cash and EUR148.0 million in drawn debt.
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LSL Property Services PLC - residential property services provider - Underlying operating profit for first two months of 2020 ahead of same period the year before. Notes sharp slowdown of lead sales indicators in Estate Agency for March, particularly since lockdown. Switches all businesses to remote working, freezes recruitment and rightsizing team activity levels.
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Inland Homes PLC - land and housing developer - forced to abort five significant land sales and close most of its sites. Covid-19 expected to have material impact on interim results ending March 31. Will cancel second interim dividend of 2.25p per share.
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Glenveagh Properties PLC - Irish homebuilder - Closes all construction sites. To issue trading update on May 19.
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Kier Group PLC - construction group - Implements cost saving programme, which includes 6,500 employees taking reduction in base salaries between 7.5% to 25% for three-month period. Also closes head office in Tempsford Hall, and pauses disposal of Kier Living. Continues to operate 80% of sites, but this remains subject to change. Appoints Clive Watson and Heather Rabbatts as non-executive directors.
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Aseana Properties Ltd - Asia-focused property developer - Delays results publication in line with UK FCA's request. Now expects to publish 2019 results by end of June.
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Residential Secure Income PLC - real estate investment trust - Still well placed to continue making dividend payouts, on track for full-year dividend target of 5 pence per share. Expects Covid-19 to affect performance through a delay in further expanding its income generating portfolio as well as a rise in void levels in the retirement portfolio.
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Macau Property Opportunities Fund Ltd - Macau-focused property investment firm - Total number of transactions in March at 208, down 25% year-on-year. Expects local travel restrictions to remain in place, as imported cases increase in Macau, Hong Kong and China despite drop in new domestic cases.
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Urban & Civic PLC - property developer - All physical construction of houses on strategic sites almost stopped, but civil infrastructure work such as road and school construction is to continue.
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James Latham PLC - timber, panels and decorative surfaces distributor - Expects pretax profit and revenue for year ending March 31 to be in line with market expectations. To implement phased closure of some depots, and expects to publish full year results in June, though admits it is possible that results may be delayed.
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Iconic Labs PLC- media firm - partners with UK government with establish online and social media fact checking service known as Infotagion: Covid-19, to fact check information passed around about the pandemic. Iconic Labs trading also restored on London Main Market, after publishing prospectus relating to the issue of shares.
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Ergomed PLC - pharmaceutical services provider - Will provide drug safety services though pharmacovigilance provider, PrimeVigilance for ongoing US clinical trial, which is assessing the effect of a rheumatoid arthritis treatment on patients severely infected by Covid-19.
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Oxford Instruments PLC - medical tools manufacturer - suspends interim dividend payment, originally due on April 14. Continues to trade in line with revised guidance, while net cash increases to GBP60 million. In mid-March, lowered expected annual adjusted operating profit to between GBP47 million and GBP50 million, down from analysts forecasts of GBP53.3 million.
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Proteome Sciences PLC - drug development services provider - postpones 2019 results to April 14, also revises annual general meeting date. Pandemic not expected to have material effect on first quarter revenue.
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Novacyt SA - clinical diagnostics firm - notes that molecular diagnostics division Primerdesign has sold GBP17.8 million of its CE-Mark and research use only Covid-19 tests, and rate of demand for the test continues to increase. Expects to sign further distribution partnerships in the next few weeks in the Middle East region.
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Tissue Regenix Group PLC - medical devices firm - Has enough cash to support working capital requirements until end of second week of May 2020, but is still looking to secure necessary funding. San Antonio facility remains operational with no hit to processing. Demand for BioRinse portfolio continues to exceed capacity, and company experiences no material reduction in net revenue.
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Integumen PLC - scientific research firm - Production of partner Modern Water PLC's monitoring bacteria reagent begins six weeks ahead of original planned production date. Confirms GBP2 million in orders for first quarter of 2020.
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Solid State PLC - computing and power products manufacturer - Appoints Non-Executive Director Peter Haining as interim chair, with search for permanent replacement to Tony Frere hindered by pandemic. Keeps all four UK manufacturing capabilities open, holds 2.5 months of stock to protect against supply chain disruption. To issue trading update on April 15.
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Velocity Composites PLC - aerospace-focused material kits supplier - Short-term demand significantly affected, as pandemic disruption affects aerospace industry and other businesses across supply chain. Timings on projects in UK, Europe and UK expected to be delayed by travel restrictions. Unable to comment on likely performance for year ending October 31.
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Sureserve Group PLC - energy services provider - several companies and employees within group classed as key workers. Will pay final dividend of 0.5 pence per share on April 30.
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United Carpets Group PLC - carpets and floor covering retailer - Closes all 58 stores in UK, withdraws guidance for current year ending March 31 and next financial year.
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John Lewis of Hungerford PLC - manufacturer and retailer of furniture - Closes showroom estate, and factory facility in Oxfordshire. Revenue to be significantly impacted by operational shutdown and uncertainty in global economy.
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DP Poland - operator of Domino's Pizza stores in Poland - Delays 2019 results publication in line with FCA's request to date no earlier that April 6. Expects to report results in line with expectations, with system sales up 13% to PLN81 million. Has little visibility on 2020 performance.
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Atalaya Mining PLC - copper and silver miner - halts Proyecto Riotinto operations until April 10 as Spanish Government excludes mining from short list of essential industries.
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Caledonia Mining Corp PLC - gold miner - Blanket Mine in Zimbabwe allowed to continue operations at reduced level as Caledonia applies for exemption of mine from having operations suspended within recently implemented lockdown.
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Thor Mining PLC - miner - Forced to delay sale of royalty held over Spring Hill gold project in Australia, as due diligence process disrupted by Covid-19 travel restrictions. Timeframe for due diligence completion extended to April 30.
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Active Energy Group PLC - biomass-based renewable energy business - public comment period for construction and air permit for CoalSwitch plant at Lumberton site extended to April 27 from original date of March 16.
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Ten Lifestyle Group PLC - lifestyle and travel service platform - reaffirms expectations for interim results despite revenue from commission payments being affected by high levels of cancellations and refunds. To save costs, Ten Lifestyle to renegotiate with key suppliers, and freeze employee bonuses.
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Alpha FX Group PLC - foreign exchange risk and payments manager - Cancels payment of 5.4 pence per share dividend for 2019. Expects 2020 revenue and underlying earnings to be close to 2019 results, as FX activity significantly affected by cancellations or delays of commercial activities by clients.
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Morses Club PLC - non-standard financial services provider - Withdraws guidance for financial year to the end of February 2021, will not recommend payment of dividend in January. Delays publication of annual results from original date of April 30. introduces new adaptations to its operating model, including no more extended credit to new customers.
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ASA International Group PLC - microfinance institution - Withdraws guidance for 2020, and suspends 2019 dividend payout, but still plans to publish 2019 results on April 21.
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Fair Oaks Income Ltd - investment firm - Suspends dividend payments.
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Bidstack Group PLC - in-video game advertising provider - receives new commercial opportunities as restrictions on movement leads to record numbers of active video games users and hours played, in turn leading to high levels of demand from advertising agencies for in-game advertising.
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Franchise Brands PLC - multi-brand franchise business - First quarter of 2020 in line with expectations despite Covid-19 disruption in second half of March. Brands Metro Rod, Metro Plumb and Willow Pumps expected to continue operations, however volumes to be lower than normal. In addition, brands ChipsAway, Ovenclean and Barking Mad, experiences recent severe contraction in demand from consumers.
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Somero Enterprises PLC - concrete levelling equipment maker - Cancels USD1.0 million share buyback program, defers payment of final ordinary dividend for 2019 of 13.0 US cents per share and supplmentary dividend of 7.7 US cents per share. Withdraws guidance for 2020, but reports dramatic rise in pressure on non-China markets due to lockdowns, affecting customer projects and operations.
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Macfarlane Group PLC - packaging firm - withdraws final dividend of 1.76 pence per share, stops all non-critical operational and capital spend, and also withdraws guidance for 2020.
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Midwich Group PLC - audio-visual distributor - withdraws intent to propose final dividend for 2019 in order to preserve cash, will continue to hold AGM on May 11, as firm is "not authorised under its articles" to hold virtual or hybrid meeting.
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Crimson Tide PLC - software development services firm - Reports "negligible" disruption to normal business patterns. Expects to remain well funded and operational for rest of 2020.
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Autins Group PLC - automotive thermal insulation products supplier - expects reduced demand due to multiple automakers shutting down plants, expects material reduction to performance for financial year to the end of September.
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Amino Technologies PLC - media technology services provider - Suspends payment of final dividend of 5.637 pence per share for year ended November 30, adjourns annual general meeting so it can be held with minimum number of physical attendees. Gives uncertain outlook to rest of current financial year.
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Nanoco Group PLC - Nanomaterials developer - Reports significant business disruption, reduces salaries of Non-Executive Directors by 35% and Executive Directors by 25% with effect on April 1. Continues reviewing strategic options, including sale of company itself.
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Next 15 Communications Group PLC - digital marketing firm - Results for year ended January 31 to be delayed beyond April 6, in line with FCA's request. Says results were in line, with adjusted pretax profit up 12% to GBP40.2 million and net revenue up 11% to GBP248 million. Final dividend payment suspended.
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By Dayo Laniyan; dayolaniyan@alliancenews.com
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