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Pin to quick picksDukemount Capi. Share News (DKE)

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REPEAT: UK TRADING UPDATE SUMMARY: John Menzies Axes 17,500 Jobs

Fri, 27th Mar 2020 14:22

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

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John Menzies PLC - aviation services - Cuts 17,500 jobs in response to "dramatic" fall in volumes. Carriers reducing flights due to the virus will have a "significant adverse impact" on short-term performance. Can't provide full-year guidance due to uncertainty. Directors and senior management have taken 20% cuts in fees and salaries.

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DWF Group PLC - law firm - Expects total annual revenue growth between 15% and 20%, which is below management expectations. Expects underlying pretax profit to show a double-digit rise and eyes GBP10 million in cost savings in financial 2021 and GBP13.5 million in financial 2022.

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Keystone Law Group PLC - law firm - Will not propose paying a final dividend for its year ended January. Outlook is unclear and will resume dividend payments when it is "appropriate to do so".

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Totally PLC - healthcare services - Replaces face-to-face services with video consultations due to the virus. "Making a significant contribution" to the UK National Health Service's 111 non-emergency phone contact service.

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Horizon Discovery Group PLC - gene editing - Hard to predict the full-year impact of the virus but has a "strong" forward order book. Started year with GBP18.8 million in cash. Delays publishing its annual results following the FCA moratorium.

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Surface Transforms PLC - brake discs - Fully operational and has sufficient component inventory. Delays publishing its annual results until early May, in line with the UK Financial Conduct Authority's moratorium.

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Finsbury Food Group PLC - baker and food services - Has seen significant reductions in demand in the UK and Europe. Freezes discretionary investment and withdraws interim dividend proposal. Not possible to provide future guidance.

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Total Produce PLC - fresh food producer - Demand from supermarkets has been robust but has declined in foodservice sector. Warns earnings for 2020 are likely to fall from 2019. Postpones annual general meeting to August 28.

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Alumasc Group PLC - building products - Closure of some builders merchants in the UK due to government lockdown has hurt business. Has closed Timloc manufacturing facility until April 14. Withdraws guidance for the year ending June and cancels interim dividend.

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Woodbois Ltd - forestry and timber - Has seen "no material impact" yet from the virus but withdraws full-year guidance. The spread of Covid-19 in Gabon is likely to cause supply chain issues. Sawmill and veneer factory sites in that country may need to be operated by reduced staff.

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Nexus Infrastructure PLC - infrastructure services - Withdraws all future guidance due to uncertainty. Will implement cost savings and use government support where it is available. Has fully drawn on a GBP5 million revolving credit facility.

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Puma VCT 13 PLC - venture capital trust - Investees have had share price falls due to market volatility and warns net asset value could fall by between 4% and 5% should this continue.

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Keystone Investment Trust PLC - invests in UK stocks - Changes gearing policy so its investment manager may not make net purchases when borrowing exceeds 15% of net assets. If movement in net asset value causes the ratio to rise above 20%, actions must be taken to reduce it.

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Georgia Capital PLC - Georgia-focused investment firm - Delays publishing its annual results, which were penned for Friday. Will now publish the report in mid-April.

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Georgia Healthcare Group PLC - hospitals and pharmacies - Delays publishing annual results, which were penned for Friday. Will now publish the report in mid-April.

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1PM PLC - lender to small and medium-sized firms - Defers paying its interim dividend until the impact of the pandemic becomes clearer.

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Mattioli Woods PLC - wealth manager - "Inevitable" the virus will disrupt its trading. Bank of England's interest rate cut to 0.1% will mean banking revenue will be "negligible going forward", compared to GBP400,000 in the nine months ended February.

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Infrastructure India PLC - India-focused infrastructure investor - Notes 21-day government-imposed lockdown in India, announced earlier this week. Measure has hurt largest asset, Distribution Logistics infrastructure Ltd.

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GCP Student Living PLC - student-property investor - Has received majority of its revenue for the 2019-20 financial year and direct-let bookings for 2020-21 academic year are higher year-on-year. Should the virus pandemic continue through to the remainder of 2020, rental income will suffer.

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Watkin Jones PLC - student accommodation - Has closed active development sites temporarily, with exception to those where essential work is taking place. Too early to assess the extent to which Covid-19 will harm its trading.

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Dukemount Capital PLC - property manager - Suspends all construction operations at its Wavertree housing project in Liverpool, following UK government advice to halt all non-essential work. The company on Thursday had said the project was at its final fit-out stage.

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Accsys Technologies PLC - wood building products - Making plans to temporarily suspend production of Accoya timber. Some work at a Tricoya plant in Hull, Yorkshire has been halted following UK government advice. Expects sales volume for the financial year ending March 31 to in line with expectations, but company has withdrawn future guidance.

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Andrew Sykes Group PLC - air conditioning and heating hire - Lockdown restrictions in the UK, Italy and France will hurt trading. Has net cash reserves of GBP28 million.

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Pebble Group PLC - promotional products - Now will announce annual results on April 8, following the FCA-recommended moratorium.

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Brave Bison Group PLC - media company - Delays publishing 2019 results, originally scheduled for April 1.

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Dev Clever Holdings PLC - education software - Launches third remote learning platform Launchpad for Employers, to support school in the UK which have closed due to the virus. Reports increased demand for Launchyourcareer.com and VICTAR online career guidance platforms.

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Petra Diamonds Ltd - diamond producer - Brings forward closure of latest South African diamond sales period due to a lockdown imposed in the country. Compared to the February 2020 cycle, some goods were sold at a price that was 24% lower on a like-for-like basis. In Tanzania, the open-pit Williamson mine remains in full operation. Suspends 3.8 million carats 2020 production guidance.

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Jangada Mines PLC - platinum group metals - has reduced the scope of a drilling programme at its Pitombeiras vanadium project in Brazil due to Covid-19. Will now conduct 1,350 metres of drilling, rather than 2,500.

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Bluejay Mining PLC - exploration and development - Notes travel restrictions imposed in countries where it operates. In Greenland, all air traffic has been cancelled. In Finland, a state of emergency has been declared, leading to "significant closures". In Canada, all non-essential businesses have been made to close.

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Chaarat Gold Holdings Ltd - gold miner - Benefiting from cost reductions, declining fuel prices, and weaker local currencies versus the dollar. Has restricted all employee travel and has reported no virus cases at its sites. In negotiations with the holder of a USD17.0 million loan which matures at the end of March. Does not anticipate needing further fund raising at the moment.

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Scotgold Resources Ltd - gold miner - Will suspend production at its Cononish project in Scotland, following government advice. First gold production at the site will be delayed beyond May 2020 as a result.

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Atalaya Mining PLC - copper miner - Delays annual results following the FCA's request. It is now penned to publish results when the moratorium ends on April 5.

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By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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