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Pin to quick picksEcho Energy Share News (ECHO)

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UK TRADING UPDATE SUMMARY: MJ Gleeson To Cease Build Operations

Wed, 25th Mar 2020 18:17

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

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MJ Gleeson PLC - housebuilder - To temporarily close all sites and cease construction activity in line with UK government guidance. Unable to provide guidance on year ending June 30 and cancelling 12 pence per share interim dividend scheduled to be paid on April 3. Has cash balances of GBP67 million.

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Erris Resources PLC - European minerals explorer - Ceases prospecting and mapping on the Loch Tay gold project in Scotland in line with UK government restrictions. No immediate impact on the planned work in Norway or Sweden. Held around EUR1.3 million in cash.

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Mercia Asset Management PLC - wealth manager - Predicts short-term impact to asset management revenues and portfolio valuations as a result of the drop in asset values across all markets and overall economic conditions. Implementing business continuity plan and supporting portfolio companies in own and third-party managed funds. Forecasts revenue over the next financial year to be lower than originally anticipated. Mercia's medium-term future prospects remain unchanged. Strong balance sheet with GBP30.4 million unrestricted cash as of Friday.

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Polypipe Group PLC - pipes and under floor heating manufacturer - To wind down operations. Supporting UK's National Health Service by manufacturing ventilation systems and special pipe for emergency medical use. Year-to-date trading in line with expectations, with no material impact from pandemic. Decides against providing financial guidance 2020 and beyond. Implementing range of cost savings measures including suspension of final 2019 dividend of 8.1 pence per share. Net debt at GBP150.0 million at December-end. Decides to draw down all but GBP15 million of the unutilised GBP300 million loan facility.

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Bagir Group Ltd - tailoring company - Says orders placed for tailored garments prior to the virus outbreak now put on hold. Temporarily closing manufacturing sites in Egypt and Ethiopia. Reducing workforce and production at Vietnam site.

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SigmaRoc PLC - construction materials group - expects to report a strong performance for 2019, exceeding analyst estimates. Revenue estimated to surge 71% to GBP70 million and underlying operational profits of GBP14 million, up 43%. Preparing operational and financial contingency plans. Remains operational across all its sites.

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Bluefield Solar Income Fund Ltd - investment fund - Reconfirms dividend of 7.90 pence per share for year ending June 30. Says 94% of revenue contracted until the end of financial 2020. Successfully implemented remote working policies for employees.

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Echo Energy PLC - Latin American oil & gas company - Operations at Santa Cruz Sur continuing uninterrupted and production expected to remain in line with the company's expectations. Net production over the period from November 1, 2019, to March 23 reached an aggregate of 351,797 barrels. Received payments totalling USD1.3 million for second February oil cargo. Further USD360,434 in cash receipts expected in the next two weeks. Making progress with cost reduction initiatives at both the Santa Cruz Sur assets and corporate levels. Santa Cruz Sur assets to be cash flow positive at prevailing global oil prices. Seeking deferrals to interest payments to debts.

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Biome Technologies PLC - bioplastics business - Predicts 2019 results to remain in line with the guidance. Delaying 2019 results due to UK Financial Conduct Authority's moratorium. To now hold annual general meeting in June rather than April 23.

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Tlou Energy Ltd - Botswana-focused power company - On Tuesday said it will be implementing significant cost reductions across the company, including reductions in salaries of senior staff. Anticipates increased gas flows from Lesedi 3 and 4 production pods.

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Learning Technologies Group PLC - providing services and technologies for digital learning and talent management - On Tuesday said it will delay publication of 2019 results on FCA's recommendation. Annual revenue to rise 39% year-on-year to GBP130.1 million. Adjusted earnings before interest tax to increase 58% to GBP41.0 million. 2020 started in line with management expectations. Anticipates recurring revenue to continue, but content projects may be delayed. Postpones 0.50 pence per share final dividend and director bonuses to conserve cash.

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essensys PLC - a provider of software-as-a-service platforms - On Tuesday delayed interim results. Estimates 19% year-on-year rise in interim revenue to GBP11.4 million and pretax loss to narrow to GBP100,000 from GBP400,000. Second half started well and trading in trading in line with expectations. Continues to monitor virus impact. Strong liquidity with GBP1.7 million of cash reserves and undrawn revolving credit facility of GBP1.0 million.

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Quartix Holdings PLC - a supplier of vehicle tracking systems - On Tuesday said strong progress continued into 2020, with new installations for the first two months 30% ahead year-on-year. Estimates growth in installations to reduce to 12% by the end of the first quarter.

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By Tapan Panchal; tapanpanchal@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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29 Jan 2024 21:25

IN BRIEF: Echo Energy raises GBP250,000 via subscription of new shares

Echo Energy PLC - Latin America-focused exploration company - Raises GBP250,000 via direct subscription of 5.6 million new shares at a price of 0.0045 pence each. Also announces the issue of 363.6 million warrants to the arranger of the subscription, exercisable at a strike price of 0.008 pence and expiring on January 29, 2029. Admission of new shares for trading on AIM is expected on Thursday this week.

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19 Dec 2023 17:52

IN BRIEF: Echo Energy extends GBP1.0 million loan to 2025, cuts interest

Echo Energy PLC - Latin America-focused exploration company - Restructures GBP1.0 million loan originally provided to company in March 2017. Extends loan to November 30, 2025 with current principal and accrued interest to date has been reduced by 10%. As a result, the total amount outstanding as at November 30 stands at GBP898,028, with a new annual lower interest rate of 2% agreed, which will be rolled up and paid at maturity. Says the purpose to the restructuring was to extend the term whilst also reducing the overall level of debt and preserving cash balances by avoiding further interest payments. Agrees to pay a GBP15,000 fee to the lender. Chief Executive Officer Stephen Birrell says: "I am delighted with the support shown by our lender, the Spartan Fund Limited SAC. Echo is full steam ahead originating and negotiating multiple business development opportunities and we look forward to updating investors in due course."

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14 Nov 2023 13:56

IN BRIEF: Echo Energy hires new CEO as director promoted to chair

Echo Energy PLC - Latin America-focused exploration company - Hires "highly experienced geoscientist" Stephen Birrell as new chief executive officer, effective immediately. Birrell is currently a non-executive director at Coro Energy PLC and Live Co Group PLC, and managing director at Ossian Energy Ltd. He served as a non-executive director at Ascent Resources PLC from 2020 to October this year. Echo's current CEO Martin Hull steps down to become a non-executive director, as does Non-Executive Chair James Parsons. Company promotes Christian Yates, another non-executive director, to chair with immediate effect. Yates says Birrell "brings a wealth of technical and commercial experience...we look forward to leveraging his experience as we look to deliver our strategy."

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2 Oct 2023 21:32

IN BRIEF: Echo Energy reports pretax losses in double results update

Echo Energy PLC - Latin America-focused exploration company - On Friday, reports results for 2022. Revenue totals USD86, down sharply from USD23,318 the year before. Pretax loss widens to USD4.3 million from USD1.9 million. Basic loss per share was 0.27 US cents compared to 0.15 cents before. Sees significant opportunities at this point in the economic cycle to secure new energy assets at attractive valuations and is currently exploring a number of these opportunities.

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2 Oct 2023 20:41

EARNINGS AND TRADING: Clean Invest reports interim loss and no revenue

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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31 Jul 2023 21:59

TRADING UPDATES: Barryroe hires examiner in bid to avoid liquidation

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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29 Jun 2023 21:38

TRADING UPDATES: Atlantic Lithium confident after Ewoyaa study

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News

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27 Jun 2023 17:26

IN BRIEF: Echo Energy seals sale of most of Santa Cruz Sur stake

Echo Energy PLC - Latin America-focused energy company - Completes deal to sell 65% of the company's 70% working interest in Santa Cruz Sur for GBP1.7 million to Selva Maria Oil SA and Interoil Exploration & Production ASA. Deal had been announced in May. The sale is intended to provide near-term funding to cope with current challenges, it said at the time.

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26 May 2023 12:22

Echo Energy to sell 65% interest in Argentine Santa Cruz Sur assets

(Alliance News) - Echo Energy PLC on Friday said it has signed a deal to sell 65% of the company's 70% working interest in Santa Cruz Sur for GBP1.7 million.

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9 May 2023 12:11

Echo Energy to partially sell Argentina-based Santa Cruz Sur assets

(Alliance News) - Echo Energy PLC on Tuesday said it plans to sell 65% of its 70% working interest in Santa Cruz Sur in Argentina, as the company grappled with over 100% year-on-year inflation in the country.

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9 May 2023 10:30

AIM WINNERS & LOSERS: Capital Metals signs MoU; Echo Energy sells

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.

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9 May 2023 09:09

LONDON MARKET OPEN: Stocks down; JD Sports buys in Europe

(Alliance News) - Stock prices in London opened lower on Tuesday after a long bank holiday weekend and new data showing that UK house prices slipped in April.

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18 Apr 2023 11:06

AIM WINNERS & LOSERS: Echo Energy production falls and cash runs short

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.

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18 Apr 2023 10:48

Echo Energy sees fall in quarterly oil & gas production in Argentina

(Alliance News) - Echo Energy PLC said on Tuesday its cash balances have "significantly weakened" amid fall in Argentine production and high inflation.

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