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UK TRADING UPDATE SUMMARY: Omega Diagnostics Signs Antibody Test Deal

Mon, 20th Apr 2020 12:54

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

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Omega Diagnostics Group PLC - immunoassay and in-vitro diagnostics firm - Signs material transfer agreement with Mologic Ltd to provide manufacturing capability for Mologic's Covid-19 first generation ELISA diagnostics test. The MTA formalises Omega's access to raw materials and know-how to manufacture Mologic's diagnostic test at scale, using Omega's ELISA manufacturing facility in Cambridgeshire. Mologic's test has been part-funded by the UK government.

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Gresham Technologies PLC - real-time transaction and enterprise data software - Ability to generate new revenues to the levels planned for financial 2020 remains "unclear", but has 84% of guided revenue from business already won and renewals. New business activity has slowed in past two months. Confident of achieving adjusted Ebitda guidance. Held no debt at March 31 with cash of GBP6.8 million.

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Renalytix AI PLC - artificial intelligence and robotics - Its KidneyIntelX platform will be used by investigators from the Icahn School of Medicine at Mount Sinai, in New York City, to assess the risk of adverse kidney events in patients diagnosed with Covid-19.

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NAHL Group PLC - consumer legal services - At December 31, net debt stood at GBP21 million with a GBP25 million credit facility committed until December 2021. At 31 March, net debt remained at GBP21 million, and NAHL believes it can manage net debt within its current headroom. Furloughed about third of staff. Critical Care unit has remained "resilient". However, the Personal Injury unit has suffered a more significant reduction in enquiries and the Residential Property unit has suffered in line with the UK property market. These challenges, NAHL says, will hurt the company in both the short- and long-term. Looking to significantly cut annualised costs. Will report 2019 results in last week of April.

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SysGroup PLC - IT services and cloud software - Trading for financial 2020 in line with management expectations. Expects to report revenue for year ended March 31 of GBP19.5 million, up 53% year on year. Expects adjusted Ebitda to double to GBP2.8 million. Not directly hit by Covid-19 but unable to give financial 2021 outlook.

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Proactis Holdings PLC - cash management software - Revenue, profitability, cash flow and net debt remain in line with management's expectations and have not been materially affected Covid-19. Organic growth in annual recurring revenues of buyer subscriptions from January 31 has been maintained.

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Flowtech Fluidpower PLC - technical fluid power product supplier - Expects to provide first quarter update on April 21 and 2019 results within two weeks of that. For 2019, Flowtech expects underlying pretax profit of GBP8.9 million, with net cashflow of GBP13.2 million and net debt of GBP16.6 million.

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Feedback PLC - medical imaging technology - Flagship imaging platform Bleepa to be rolled out across Pennine Acute Hospitals NHS Trust hospitals, with immediate effect.

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Triple Point Income VCT PLC - renewable energy investor - For C and D share classes, expects investments to maintain normal commercial operations as the majority are hydroelectric assets. E share class invests in Gas Power and Rooftop Solar assets. Gas Power will be hurt by Covid-19, with a drop in power consumption. Rooftop Solar investments, Triple Point says, is expected to remain normal operations. Vertical farming investee Perfectly Fresh Cheshire continues to grow and deliver product.

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BMO Real Estate Investments Ltd - real estate investor - March 31 NAV per share 99.7p, down from 102.6p at December 31. Decrease represents heightened uncertainty of property valuations amid Covid-19. Collected 69% of rent due in current quarter. Quarterly dividend payments under review. Holds about GBP13.5 million in cash, with undrawn credit facility of GBP20 million.

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AEW UK REIT PLC - real estate investor - Will pay 2.0p interim dividend for three months to March 31, in line with 8.0p annual target. March 31 NAV per share 93.13p compared to 97.24p at the end of 2019. Occupancy up slightly to 96.32% from 96.14%. As of last Friday, received 65% of rent for current quarter. Confident in "strong" underlying portfolio.

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By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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