(Alliance News) - The following is a round-up of updates by London-listed companies on the impact of the Covid-19 pandemic, issued on Wednesday and not separately reported by Alliance News:
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BATM Advanced Communications Ltd - networking solutions and medical laboratory systems - Secures EUR29 million order for the delivery of 1,000 critical care mechanical ventilators to an unnamed European government. Receives an upfront fee of EUR7.3 million and expects the balance to be paid on completion of delivery in the second half of 2020. Ventilators aimed at intensive care unit environments for patients suffering from Covid-19. To deliver 25% of the ventilators in the first half and the remainder in the third quarter of 2020. Continues to ramp up delivery of diagnostic kits.
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DP Eurasia NV - franchisee of Domino's Pizza - Reports 12% drop in like-for-like system sales for Turkish unit following Covid-19 measure from March 16 to April 19. Same store sales in Russia down 31%. Continues to provide delivery and take-away services. Balance sheet strong enough to operate for six months under current cost structure even if all its operations are shut down by government action.
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Hemogenyx Pharmaceuticals PLC - biopharmaceuticals - To use its advanced humanised mice to develop potential treatments for Covid-19. Will seek to discover human neutralising antibodies - antibodies that are typically developed by the human immune system to neutralize invading viral pathogens - that could be used to fight SARS-CoV-2, the virus that causes Covid-19. To transplant cells from blood samples from patients who are either recovering or have already recovered from Covid-19 into its humanised mice.
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Ebiquity PLC - media and marketing consultancy - Appoints Nick Waters as chief executive officer and director. Interim CEO Alan Newman to resume as chief financial and operating officer. Providing no guidance on 2020 outlook. Undertaking cost reduction including a 20% salary reduction by senior manager, a deferral of the annual pay review, and temporary freeze on recruitment. To defer dividend payment until economic and business conditions are more certain.
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Jadestone Energy Inc - oil & gas - Cuts 2020 capital expenditure by 80% to between USD30 million and USD35 million due to collapse in oil prices as a result of reduced demand. Has already spent USD15.5 million of 2020 capital expenditure in first quarter. Defers infill drilling campaign in Australia to 2021 to maximise potential future returns and preserve cash. Targeting average production between 12,000 barrels and 14,000 barrels per day in 2020. Expects 25% growth in 2021 production. On track to deliver maiden dividend in 2020. Has total cash of USD109.4 million plus restricted cash of USD10.0 million as at March 31.
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TOC Property Backed Lending Trust PLC - debt investor - To delay payment of the dividend of 1.5 pence per share declared on February 28 and due for payment on May 4 until June 1. Sufficient cash reserves to meet all current commitments. Assuming that some borrowers may not be able to fully meet their obligations in the near term given the current trading environment. Actively monitoring ability of borrowers to meet their interest payment and capital repayment obligations.
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Intelligent Ultrasound Group PLC - software and simulation - Veteran's Administration NY Harbor Healthcare Simulation Center in New York using BodyWorks Point-of-Care Ultrasound simulator for providing critical care simulation based training sessions for newly installed Covid-19 lung module. Training sessions preparing non critical health care professionals including surgery, anaesthesiology, paediatrics and acute care nurse practitioners for roles as bedside ICU providers.
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CareTech Holdings PLC - social care and education services - Too early to understand the full financial implications of coronavirus crisis. Negative financial impact to date of Covid-19 minimal. Working with authorities to ensure facilities remain open and operational. Performance for the half year ended March 31 in-line with market expectations, with strong year-on-year growth in revenue and earnings before interest, tax, depreciation and amortisation. Occupancy level in the mature estate at March 31 was 85% versus 84% at September 30 last year. On track to deliver GBP5 million in pretax profit synergies in the year ending September 30. Cash of GBP35 million at March 31, plus an undrawn revolver of GBP25 million and significant head room under the existing bank facilities and bank covenants. Reconfirms paying final dividend of 7.95p per share for financial 2019.
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Avacta Group PLC - developer of cancer immunotherapies - Generates several highly specific Affimer reagents for a Covid-19 antigen rapid test. To use reagents for developing a laboratory test for the SARS-COV-2 virus antigen within the next few weeks. Reagents will also be used to develop a point-of-care test strip.
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Biome Technologies PLC - bioplastics and radio frequency technology - Impact of Covid-19 in the first quarter limited, with trading in line with management's expectations. Continues manufacturing and development operations. Revenue for three months to March 31 declines to GBP1.3 million from GBP2.1 million a year before, reflecting a very strong revenue performance from the Bioplastics division and subdued demand in the Stanelco radio frequency division. Current trading continues in line with management expectations. Taking actions to maximise commercial opportunities whilst managing cost base and cash resources.
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TechnipFMC PLC - oil & gas - Revises dividend policy to USD0.13 per share on an annualised basis due to the sharp decline in commodity pricing and the coronavirus impact. Taking this action to further strengthen the balance sheet and preserve liquidity. Intends to pay its 2021 dividend in quarterly instalments beginning in April 2021.
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Starcom PLC - remote tracking and monitoring - Sees delay in client orders due to temporary shutdowns. Experiencing delays in supply and delivery to and from factory due to local transport difficulties and airport restrictions. Unable to predict financial impact of virus pandemic on trading. Should restrictions on trade continue for a sustained period, company does not expect to achieve the levels of growth previously anticipated. Taking all necessary steps to contain costs and preserve cash.
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GetBusy PLC - document management and productivity software - Expects disruption to the appetite of customers to adopt new technology at this time. US unit GetBusy USA Corp gets USD515,000 loan under the US Small Business Administration's Paycheck Protection Program.
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By Tapan Panchal; tapanpanchal@alliancenews.com
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