(Alliance News) - The following is a round-up of updates by UK companies on the impact of the Covid-19 pandemic, issued on Tuesday and not separately reported by Alliance News:
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Pendragon PLC - Shuts all retail sites temporarily following UK government advice. Assessing how it can continue repair and maintenance operations. Implementing measures to save cash, too early to quantify financial impact. Withdraws all guidance for 2020. Shares closed 7.4% lower at 5.03 pence in London.
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Motorpoint Group PLC - Closes all 13 retail sites. Taking action to reduce costs, suspends share buyback programme, postpones all non-essential capital expenditure. Trading in 11 months to February 29 in line, but Covid-19 has hurt March performance. All forward guidance suspended, balance sheet "strong". Shares closed 0.8% lower at 190.00p.
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Caffyns PLC - Closes all car showrooms from Tuesday. Aftersales arm will provide repair services for essential workers as long as possible. Says banks supportive and confident has enough cash to withstand impact of closure beyond June. Trading from late November until the start of March had been broadly in line with board expectations. However, March is a key month for the company, as it is a car registration plate change month. Shares untraded, last closing at 250.80p.
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Cambria Automobiles PLC - Closes all dealerships from midnight on Monday. Has support of banks, recently drew down revolving credit facility to ensure liquidity. All capital expenditure projects on hold, closure of retail sites to have "material impact" on year ending August. Suspends financial guidance, also not likely to recommend dividend for half ended February 29. Shares closed 2.8% lower at 35.00p.
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Abbey PLC - Recent government action in UK, Ireland, Czechia significantly curtails business. Not possible to ascertain full impact, "highly" material. Abbey has "good" net cash position, but will not pay interim dividend. Closed 2.6% lower at 1,135.00p.
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Eurocell PLC - Closing manufacturing plants and distribution networks. Balance sheet "strong", performance in 11 weeks to March 20 in line, no "discernible" impact from Covid-19. Cancels 6.4p per share final dividend for 2019, enacting other cash-saving measures. Closed 1.6% lower at 190.00p.
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Luceco PLC - Suspends all dividend payments until impact of Covid-19 is quantifiable. Putting in place other measures to reduce spending to protect cash position. No demand impact so far, profit in first-quarter 2020 to meet expectations. However, restrictions on movement to begin to hurt trading, impossible to give guidance but will be "significant". Shares ended up 9.6% at 57.00p.
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Smart Metering Systems PLC - Stops all non-essential fieldwork which includes installation of smart meters. However, emergency support will continue. SMS has "robust" balance sheet and order book of over around two million smart meter installations, believes long-term impact of Covid-19 will be minimal. No short-term guidance can yet be given. Shares finished 7.0% higher at 611.00p.
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Begbies Traynor Group PLC - Confirms it is in a "strong" financial position, with "significant" headroom on banking facilities. "The group has a breadth of service lines with multiple sources of revenue and retains a strong counter-cyclical focus (accounting for 65% of our income); this broad range and depth of services provides the group with flexibility as the impact of Covid-19 on the economy and our markets develops," said Begbies. "In these challenging times, we will be working to ensure businesses and all stakeholders receive the appropriate advice to assist them in working through these difficult circumstances." Shares closed 3.1% higher at 63.92p.
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James Cropper PLC - Says all manufacturing continuing globally. Puts capital expenditure on hold, reduces discretionary spending. Fully draws down banking facility, has GBP10 million of liquid cash to hand. Not paying final dividend for year ending March 28 amid uncertainty over future impact of Covid-19. No downturn in demand yet, expects to meet market expectations for year ending March 2020, but withdraws financial 2021 guidance. Closed 1.8% lower at 700.00p.
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Gooch & Housego PLC - has closed optical components manufacturing facility in Ohio after government action. This means both Ohio and Fremont, California are now shut. Unaffected are operations in Moorpark, California, as well as Maryland and Massachusetts. Gooch & Housego believes a similar order may come in New Hampshire, where its other facility is located in the US. Cannot give financial guidance at this time. Closed up 2.5% at 754.00p.
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Springfield Properties PLC - Scottish housebuilder says Covid-19 has not yet been affecting completions or reservations to-date. Springfield decides against paying an interim dividend of 1.4 pence per share, announced end of February. Springfield has GBP67 million facility available. Closed 5.5% lower at 68.50p.
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ScS Group PLC - Closes store and distribution network following UK government advice. Has "strong" balance sheet, reducing cash spending to protect liquidity. However, cannot predict what the outcome will be given the uncertainty. Shares closed 3.2% at 150.00p.
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French Connection PLC - Firm closes all sites, including concessions, from Tuesday. "Very much welcomes" UK government's support plans. Shares ended down 6.1% at 3.52p.
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Augmentum Fintech PLC - is taking measures to provide investees with the support needed during Covid-19. Augmentum said many investments are seeing heightened demand for products and services due to the outbreak, making up over 40% of the firm's net asset value. Shares finished down 2.1% at 57.25p.
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Bushveld Minerals PLC - South African vanadium mine put under care & maintenance amid a government lockdown running 21 days from midnight on Thursday. Production guidance under review, assessing financial impact. Stock closed down 3.3% at 8.80p.
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BlueRock Diamonds PLC - to close the Kareevlei mine in the Kimberley region of South Africa after the government announced the 21-day lockdown beginning on Thursday. Shares ended flat at 60.00p.
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Sylvania Platinum Ltd - All mining operations to shut during South African lockdown. Puts in place cost reduction measures, only essential spending, has "more than ample" liquidity to sustain prolonged lockdown. Unable to give revised guidance yet. Shares ended 1.7% higher at 30.00p.
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Coral Products PLC - Unable to offer any guidance for next financial year ending April 2021 due to uncertainty. Says 70% of revenue comes from products needed to overcome Covid-19 crisis. Trading in year ending this April 30 meeting expectations. Shares closed 2.0% higher at 5.00p.
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Safestyle UK PLC - Closes all locations across UK due to Covid-19. Believes it has sufficient financial strength to withstand full closure past June. Reducing all non-essential costs, awaiting government update over support to self-employed staff. Impossible to give firm 2020 financial guidance given uncertainty. Shares ended down 1.4% at 18.00p.
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Titon Holdings PLC - Trading meeting expectations, no significant impact from Covid-19. Shuts Suffolk factory amid UK government shutdown, pauses production in Europe, Rest of World except South Korea. Balance sheet "strong", no debt. Says "very difficult" to give any guidance given uncertainty over how long Covid-19 situation will last. Shares ended down 11% at 66.75p.
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NMCN PLC - Trading in 2020 starts well, but Covid-19 to bring "inevitable" disruption. Shares closed 2.7% lower at 360.00p.
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By George Collard; georgecollard@alliancenews.com
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