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(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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XLMedia PLC - Jersey-based marketing company - To sell majority of its Finnish-facing Casino assets, along with certain other publishing sites. Proposed disposal in line with the company's stated strategy of refining its publishing portfolio and refocusing on regulated and high-potential markets, to deliver more sustainable and predictable growth. To use proceeds for acquisition and development of content-rich sites in regulated and high growth markets, particularly in core targe market of North America.
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e-Therapeutics PLC - Oxford-based drug discovery platform - Collaborates with Galapagos NV to discover new therapeutic strategies for the treatment of idiopathic pulmonary fibrosis and other fibrotic conditions. Collaboration combines e-therapeutics' expertise in network biology and in silico phenotypic screening with Galapagos' deep knowledge of idiopathic pulmonary fibrosis and fibrosis. Under the agreement, e-therapeutics will receive upfront and near-term payments material to the cash position of the company. e-therapeutics is also eligible to receive pre-clinical and clinical development and commercial milestone payments.
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Advanced Medical Solutions Group PLC - Cheshire-based wound care specialist - All sites currently in operation and meeting the commitments to maintain the supply of medical devices. Confirms robust financial condition. Experiencing reductions to revenue at the upper end of the 3% to 5% of annual sales per month due to postponement of surgeries. Anticipating a gradual return to more normalised levels of hospital activity for both surgical and woundcare businesses. LiquiBand recorded strong sales volume in the first quarter of 2020, however, sales reduced significantly in the second quarter as a result of the Covid-19 pandemic.
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Adams PLC - Isle of Man-based investment company - Invests GBP566,489 in Oxehealth, a patient monitoring systems maker. Subscribes to 21,630 Oxehealth shares at GBP26.19 per share. Adams will own 2.4% stake in Oxehealth following share subscription.
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Boku Inc - San Francisco, California-based mobile payments platform - Good progress made in both Payments and Identity divisions in five months to May 31. Total payment volumes reached USD2.6 billion, up 35% year-on-year. Payment monthly active users exceed 20 million in May, up 36%. New Payment launches running at record levels. Identity division has made good progress in building out an international solution. Confident of meeting market expectations for current year.
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Spectra Systems Corp - Providence, Rhode Island-based banknote authentication software provider - Loses a five-year Asian central bank contract for the supply of taggants and sensors. Contract awarded to competing company with a lower bid. Final decision was made exclusively on the basis of the contract bid price. Says lowering price below bid levels would have meant either offering an easily defeated counterfeiting technology or drastically lowering margins, both of which are not in the long term interest of the business.
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Dekel Agri-Vision PLC - London-based agriculture company focused on Ivory Coast - Ayenouan palm oil project continuing to operate with minimal disruption. Project produced 3,316 tonnes of crude palm oil in May down from 5,316 tonnes a year ago and 6,143 tonnes in April. Lower May production follows a drop-off in fresh fruit bunches delivered to the mill for processing in the second half of the month. Sold 5,309 tonnes of crude palm oil in May at average prices of EUR541 per tonne. June fresh fruit bunches levels remain 15% to 20% lower year-on-year, but extraction rates continue to be much higher than normal for the month of June. Production in June tracking at a similar level to last year.
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ECO Animal Health Group PLC - London-based animal drugs marketing company - Revenue and earnings before interest, tax, depreciation and amortisation expected to be significantly ahead of market expectations for the year ended March 31. Limited impact of virus outbreak to date. Started financial 2021 strongly with continued strength in the Chinese and US markets. Continued investment in new product pipeline in the second half of financial 2020. Net cash balance on March 31 of GBP9.9 million.
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Flowtech Fluidpower PLC - Cheshire-based valves and hydraulic components maker - Last part of March and the whole of April saw revenue reduce by 40%. Impact was 30% in May. Confident in continuation of improving revenue trend. Costs cuts resulted in adjusted earnings before interest, tax, depreciation and amortisation breakeven position in April and May. Looks forward to a return to profitable trading as conditions improve.
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Hertsford Capital PLC - Lancaster-based marine technology company - Sees doubling of revenue, positive adjusted earnings before interest, tax, depreciation and amortisation and net cash of GBP3 million at recently acquired OTAQ Group for the year to March 31. OTAQ Aquaculture unit, which represents approximately 60% of group revenue, has already secured 63% of financial 2021 revenue secured as at the end of May. OTAQ Connectors trading in-line with the board's expectations, but OTAQ Offshore showing signs of slowing due to the declining oil price and the broader limitations on the oil and gas sector resulting from the Covid-19 pandemic. Too early to evaluate the ultimate impact on profits of the virus outbreak.
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Ergomed PLC - Surrey-based pharmaceutical services provider - Good first quarter with solid overall growth in revenue. Continued to grow order book and maintained revenue growth in the second quarter of 2020. Confident in the performance of the business for the first half.
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Orchard Funding Group PLC - Luton-based finance company - Earnings for the year to July 31 to be higher than current market expectations. Lending for the year to be below market expectations. Virus outbreak has impacted the demand for new lending. Continues to receive revenue indirectly linked to lending and this type of revenue has been stable. Annual costs now expected to be lower as certain costs associated with the banking licence application have been deferred until financial 2021.
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Chaarat Gold Holdings Ltd - London-based gold miner focused on Armenia and Kyrgyz Republic - Waives the requirement for a mandatory offer for Labro Investments Ltd upon the acquisition of up to 3 million Chaarat shares. Labro currently owns 202.8 million shares, or around 39% stake in Chaarat. It also owns USD1 million worth of loan notes which are convertible into 2.8 million shares.
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Renalytix AI PLC - New York-headquarter artificial intelligence-enabled in vitro diagnostics company - To present positive results of clinical validation study for KidneyIntelX at ADA Scientific Sessions 2020. Study demonstrated KidneyIntelX can identify patients at the highest risk of early stage diabetic kidney disease with more accuracy than existing care methods. KidneyIntelX achieved a 62% positive predictive value in the top 16% of the population versus a 41% prediction rate for the existing standard of care.
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Gulf Marine Services PLC - Abu Dhabi-based oil & gas support vessels provider - Restructures debt facilities for executing business plan and further deleverage the business through cash flow generation. Renews existing term loan facilities totalling USD391 million with an extended maturity to June 30, 2025. Renewed facilities have a re-phased amortisation profile, resulting in a USD136 million reduction in fixed amortisation payments through 2022. Enhanced liquidity through a new USD50 million working capital facility. Secures increased financial covenant headroom, providing greater financial flexibility.
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HICL Infrastructure PLC - London-based infrastructure projects investor - Buys further 74% interest in Holdfast Training Services Ltd, a public-private partnership project that supports the Royal School of Military Engineering, from Babcock International Group PLC. Acquisition of transmission assets associated with the Walney Extension Offshore Windfarm located in the Irish Sea, by Diamond Transmission Partners, a consortium comprising HICL, Mitsubishi Corp unit Diamond Transmission Corporation Ltd and Chubu Electric Power Co Inc subsidiary Chubu Electric Power Co Netherlands BV. Combined consideration was GBP103 million and was funded from existing resources and revolving credit facility.
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Camellia PLC - Kent-based agriculture and engineering company - Agricultural operations continue to work as close to normal as they can. India returned to 100% workforce deployment from June 1, but yet to see the full impact from the shut down and cyclone Amphan. Kenya continues to produce record volumes of tea. Tea production in Bangladesh below expectation due to a dry start to the season and prices remain below those of last year. Harvest for Hass avocado crop began recently and volumes will be substantially above last year. Remaining agricultural businesses are coping well in the current exceptional circumstances. Non-agriculture businesses continue to trade as best they can whilst preparing for a challenging post Covid-19 operating environment. Strong balance sheet with GBP73.3 million in cash and cash equivalents net of borrowings as at May 31. Investment portfolio valued at GBP47.0 million at May 31. Results for 2020 likely to be substantially below those of 2019, but not yet possible to give further detailed guidance on the impact of Covid-19.
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Gresham Technologies PLC - London-based software services provider - Signed contract one of the world's largest banks for an enterprise deployment of the Clareti platform with total expected software fees of GBP1.7 million over three years. Project will enable the bank to deploy enhanced data and process integrity controls across its UK operations, including retail accounts and products, cards, payments and commercial banking.
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By Tapan Panchal; tapanpanchal@alliancenews.com
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