(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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EKF Diagnostics Holdings PLC - Cardiff-based diagnostics and central laboratory assay manufacturer - Receives USD9.0 million in PrimeStore MTM sample collection device orders since May update, bringing total for three months to September 30 to USD14.1 million. The device is used for Covid-19 sample collection. Total revenue for six months to June 30 is GBP26.3 million, up from GBP21.4 million year before. Expects to report half-year adjusted earnings before interest, tax, depreciation and amortisation of GBP9 million, up from GBP5.6 million a year ago.
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Somero Enterprises Inc - Fort Myers, Florida-based floor laying equipment - First half trading ended as guided in early June, about 25% below what is required to meet market expectations at the start of 2020 of USD90.0 million in annual revenue. Remains profitable due to cost cutting and can be cash generative even if revenue falls another 20% from current levels. Had USD28.0 million in net cash on June 30.
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Elecosoft PLC - London-based software and services for architecture, engineering and construction - Half-year revenue to June 30 just 4% below prior year, while pretax profit to be 23% higher and adjusted pretax profit up 14%. Net cash on June 30 was GBP4.4 million, up from GBP1.1 million on December 31. "Elecosoft continued to perform well in the first half of 2020," said Executive Chair John Ketteley, "and we will concentrate on increasing sales, improving our recurring income, and generating positive cash flow in the second half."
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City of London Investment Group PLC - asset management - Funds under management on June 30 are USD5.5 billion, up slightly from USD5.4 billion a year before. Net inflows of USD338 million during the recent financial year were primarily the result of USD551 million in net inflows to the Developed Market strategy, partly offset by USD275 million in net outflows from the Emerging Market strategy. However, both strategies outperformed during the year, while the Opportunistic Value and Frontier strategies underperformed. CLIG shareholders on Monday approved the proposed merger with Karpus Management Inc, and this is expected to be completed around October 1.
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Brand Architekts Group PLC - Teddington, south west London-based personal care and beauty products - Second half performance hurt by Covid-19 but stronger than expected back in April. Net sales down 21% on year to GBP5.7 million in second half, bringing total net sales for financial 2020 to GBP10.6 million, down 15%. Annual pretax profit expected to be "significantly below last year". Growth in online sales not enough to offset decline in high street sales. Conducting a review of stock valuation and will update on this with final results on September 28. Brendan Hynes to step down as non-executive chair at time of annual results, after seven years, replaced by Senior Independent Director Roger McDowell. Appoints former Swallowfield chief executive officer Chris How as non-executive director. Swallowfield is the former name of Brand Architekts, and How also recently served as interim CEO of Brand Architekts.
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Netcall PLC - Hemel Hempstead, Hertfordshire-based customer engagement software - Expects revenue in financial year that ended June 30 to be GBP25.1 million, up 10% on GBP22.9 million. Adjusted Ebitda to be about GBP4.4 million, up 29% on GBP3.4 million. Cloud annual contract value up 25% to GBP7.5 million from GBP6.0 million. Normalised cash stood at GBP10.5 million on June 30, up from GBP6.5 million on December 31.
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McBride PLC- Manchester-based domestic household and professional cleaning and hygiene products - Hires former Rank Group PLC chief financial officer Clive Jennings as interim CFO. Seeking permanent CFO. Expects adjusted operating profit and adjusted pretax profit for the financial year that ended June 30 to be ahead of current market consensus of GBP21.6 million in adjusted pretax profit. Revenue from continuing operations down 1.7% on year before, but trading in second half stronger than expected due to demand for surface cleaning products and hand sanitisers, offset by lower demand for laundry products.
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Bango PLC - Cambridge-based e-commerce platform - Revenue up 50% in six months to June 30 to GBP4.8 million. Half-year adjusted Ebitda to exceed 2019 full year of GBP450,000. Bango Platform generated cash in the first half, with cash on June 30 totalling GBP4.2 million.
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Filta Group Holdings PLC - Rugby, Warwickshire-based fryer management and services to commercial kitchens - Tells annual general meeting that core services operating well below full capacity due to Covid-19, but seeing gradual monthly improvements in business, with May turnover up 14% on April and June up 38% on May. Launches FiltaShield sanitisation and protect service in May, and this product generated GBP50,000 in revenue last week. Trend for business remains positive. Gross cash at end of May GBP3.6 million, up from GBP2.9 million on December 31.
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Connect Group PLC - Swindon-based newspaper & magazine wholesale distributor - Fewer than 5% of customer stores remain closed, down from 10%. Newspaper sales in 15-week period to July 4 down 12% compared to equivalent period pre-lockdown, with magazine sales down 18%, both compared to 25% down during lockdown. Sales in Smiths News in period from September 1, 2019 to July 4 are GBP927 million, down from GBP1.01 billion a year before. Continues to operate within headroom of current banking facilities. Expects full-year continuing adjusted Ebitda of GBP35 million to GBP37.5 million and continuing adjusted pretax profit of GBP26 million to GBP28 million.
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DX Group PLC - Buckinghamshire-based parcel freight, courier and logistics services - Continued to operate through lockdown, as considered an essential service. Revenue in June just 3% below forecast made prior to Covid-19, reflecting recovery in volumes from existing customers and new business wins. Expects revenue and adjusted Ebitda for financial year that ended June 27 to be in line with market forecasts. These are GBP326.7 million for revenue and GBP3.4 million for adjusted Ebitda on an IAS 17 basis and GBP24.0 million on an IFRS 16 basis. Both accounting rules relate to the financial treatment of leases.
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Vertu Motors PLC - Gateshead-based automotive retailer - June trading stronger than expected after all showrooms in England open on June 1, and those in Scotland reopening on June 29. Adjusted pretax profit in June is GBP9.0 million, swung from a loss of GBP14.2 million in March to May period. June performance is ahead of year before and original business plan of GBP8.6 million. Retail sales demand strong in both new and used cars. Net cash on June 30 was GBP9.7 million after reduction in used vehicle stock brought in GBP20.9 million in June.
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PRS REIT PLC - real estate investment trust in private rented sector - Complete 2,000th new-build home in June after construction activity resumes. Had 2,082 homes with a rental value of GBP19.1 million per annum at end of its financial year on June 30, up from 1,173 with a rental value of GBP10.7 million a year ago. Expects to complete 450 new homes in first quarter of new year. Says rent collection not hurt by Covid-19 crisis, with 98% of rent due in fourth quarter collected, down slightly from 99% in third quarter. Continues to target 4 pence per share annual dividend.
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IQGeo Group PLC - Cambridge-based geospatial software for telecoms and utility network operators - Revenue for half year ended June 30 expected to exceed GBP4 million, up from GBP3.6 million year before. Expects gross margins to widen to more than 45% from 34% on improved revenue mix and cost management. Product orders up to GBP5.4 million in first half from GBP2.5 million a year ago.
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Circle Property PLC - development and management of regional offices - Achieves 91% rent collection in quarter to March, dropping to 77% in quarter to June. However, with agreed monthly payments, this rises to the same 91%. Final results for financial year that ended March 31 delayed until late September and not in position to provide guidance. Expects to pay a final dividend but no final decision has been made. Has GBP4.3 million cash, plus GBP2.7 million headroom on senior revolving facility with RBS and HSBC banks. Expects letting activity to pick up as workforces return to offices.
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FastForward Innovations Ltd - investor in fast growth businesses - Yooma Corp, in which FastForward holds 10.7% stake, agrees to reverse takeover by Toronto-listed Globalive Technology Inc for USD25 million. Former FastForward chair Lorne Abony will remain on the board of the enlarged company. Following completion of the proposed deal, the value of FastForward's interest in Yooma, an Asia-focused social commerce firm, will rise to USD2.7 million from USD2.3 million.
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Power Metal Resources PLC - metals exploration and development in Botswana, Tanzania and Australia - Has total assets of GBP3.0 million following recent GBP1.0 million financing. Now has five main projects and two more in due diligence and commercial discussions. Says if a major discovery is made at just one of its projects, it can create significant value for shareholders.
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By Tom Waite; thomaslwaite@alliancenews.com
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