(Alliance News) - The following is a round-up of updates by London-listed companies on the impact of the Covid-19 pandemic, issued on Thursday and not separately reported by Alliance News:
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Byotrol PLC - infection prevention - Expects to generate record sales in the first quarter of 2020 and remains optimistic over continuation of high levels of demand for the first half. Sales in March and April each exceeded GBP1 million. Expects similar strong performance in May. Order book at the end of April stood at over GBP2 million. Agrees a technology license over Byotrol24 sanitiser spray with a consortium of investors and experienced market professionals under the umbrella of Integrated Resources International LLC, based in the US state of Tennessee. Inks multi-year license agreement with SC Johnson Professional Ltd for alcohol-free hand sanitisers.
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Sensyne Health PLC - clinical artificial intelligence technology - Sees rapid acceleration in the adoption of digital technologies in healthcare systems around the world due to virus outbreak. Expects revenue of GBP2.1 million for year to April-end, many times higher than GBP136,000 a year ago, slightly ahead of guidance provided in January 2020 and largely driven by momentum in the second half. Cash and cash equivalents of GBP31.6 million. Anticipates performing in line with the board's expectations for financial 2021.
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Coral Products PLC - plastic products - Predicts sales of GBP22.3 million for year to April 30, down 10% from GBP24.7 million a year ago and a small loss before taxation and intangibles. Annual earnings before interest, tax, depreciation and amortisation to also see a small year-on-year drop. Planning for a medium-term level return of demand. All staff members and directors take 20% pay cut for April and May. Negotiated payment holidays ranging from three to six months with lenders. Secures GBP1 million Coronavirus Business Interruption Loan.
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Global Invacom Group Ltd - satellite communications equipment - Pandemic had a negative impact for quarter to March 31, with revenue 31% lower year-on-year at USD26.4 million. To post quarterly loss of USD1.1 million mainly due to a reduction in revenue, which is the company's second-lowest since 2013. Continues to see demand from customers during the virus pandemic period.
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PipeHawk PLC - industrial technology - Core trading activity QM Systems experienced a reduction in order intake over the past two months. Taking steps to protect the business against a deeper than expected recession through the use of UK government's tax deferral schemes and the successful application for a GBP400,000 coronavirus loan. Furloughs several staff members to protect cash position. Confident in its ability to withstand the current situation.
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Gresham Technologies PLC - financial control and risk management software - Continues to operate at full capacity and remains confident in achieving 2020 guidance for adjusted earnings before interest, tax, depreciation and amortisation and cash Ebitda. Makes adjustments to operating plan to protect full-year earnings and ensure adequate liquidity. Expects to maintain current levels of investment in innovation and distribution for the foreseeable future.
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Iofina PLC - iodine - Gets loans totalling USD1.1 million under the US Small Business Administration's Paycheck Protection Program. Loans, or a portion of the loan, may be forgivable if loan proceeds are used for eligible purposes, including employee retention and payroll. Expects a significant majority of funds received to be eligible for forgiveness under the program. Iodine plant No 8 not operating currently due to brine supply issues. Expects viable brine volumes to return to IO No 8 plan in third-quarter of 2020 as the US economy recovers and oil prices stabilise. Four other IOsorb iodine plants are unaffected and continue to operate as expected.
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Safestyle UK PLC - windows and doors - Furloughs majority of its workforce as operations remain temporarily closed. Available liquidity in excess of GBP12 million. Planning to restart commercial operations in a phased manner in line with Covid-19 Secure government guidelines. Expecting to restart operations, including manufacturing, installations, surveying and selling activities by the end of May. Impossible to provide financial guidance 2020 without further clarity on virus impact.
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ImmuPharma PLC - drug discovery - Lupuzor may help to reduce or perhaps prevent the occurrence of the cytokine storm seen in Covid-19 patients. Further exploratory work is ongoing to assess Lupuzor's possible potential and clinical program in Covid-19 patients.
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Duke Royalty Ltd- capital provider - Elected to either accrue, capitalise or equitise its monthly cash payments in the short term with the intention of alleviating the negative cashflow impacts for its royalty partners during this time of unprecedented financial stress. Cash revenue received in April totalled over GBP600,000, down from GBP1 million received in March. Liquidity position strong, with cash on hand of over GBP3 million and additional liquidity of GBP18 million via a revolving line of credit with Honeycomb Investment Trust. To pay shareholders a scrip dividend instead of its normal cash dividend.
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Eurocell PLC - window, door and roofline PVC products - Implementing final steps towards re-opening of the business. Encouraged with robust trading over the first three days of re-opening, although it is not yet clear whether this is a result of pent up or underlying demand. Fit-out of the new warehouse remains on track and is expected to be operational early in 2021.
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Wincanton PLC - logistics - April revenue down 15% year-on-year. Furloughs 15% of workforce; board and executive management take temporary 20% pay cut; deferral of pension recovery payments; tax payments deferred until fourth-quarter; non-business capital expenditure delayed and final dividend suspended. Additional liquidity secured through a GBP40 million revolving credit facility extension, bringing the total available facility to GBP181 million. Performance for the year to March-end to be in line with market expectations with revenue growth of over 5%.
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Cairn Homes PLC - homebuilding - Implements phased reopening of residential construction sites from May 18. Given the productivity challenges and the cost implications for the broader industry in Ireland, there may be a significantly lower number of new homes completed in 2020. Closed and current forward sales pipeline of 863 units as of Wednesday. Strong gross cash position of EUR156 million.
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CEPS PLC - industrial trading group - Director David Horner loans GBP125,000 to provide additional working capital during the current virus situation. Loan, which is unsecured, carries zero interest and has no fixed repayment date.
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Dart Group PLC - leisure travel & logistics - Confirmed as an eligible issuer for the Bank of England Covid Corporate Financing Facility and has put in place a GBP300 million commercial paper programme to facilitate issuance under it. The loan will be used to provide standby liquidity, should that be required, and is currently unutilised.
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Totally PLC - healthcare services - Unit Vocare Ltd secures number of extensions to existing contracts across England worth a total of GBP19.6 million. Under the terms of the extensions, Vocare will continue to provide vital GP Out of Hours, NHS 111 and Integrated Urgent Care Services to several NHS Commissioners across the breadth of England, including southwest London, Staffordshire and Vale of York. Mobilised Planned Care and Insourcing divisions to ensure they are ready to recommence operations and support the National Healthcare Service as soon as these services restart across the UK.
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Arbuthnot Banking Group PLC - private banking - Traded well up to the introduction of the coronavirus lockdown. At the end of March, customer loan balances were 35% higher than the prior year and had increased by 4% from the level reported at December 31 2019. New loan origination volumes were 38% greater year-on-year for the quarter to March-end. Customer deposit balances increased by 2% from the level at the 2019-end. No staff have been placed on furlough or made redundant. Continued to pay all tax liabilities by their original due dates. Remained open to new introductions and lending opportunities and has funded GBP26 million of new loans during the lockdown. To date the core lending portfolios have seen modest take up of payment holiday requests.
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Mercia Asset Management PLC - capital provider - Investee Medherant Ltd, a transdermal drug delivery company, enters into a partnership with Cycle Pharmaceuticals to develop new products using Medherant's proprietary TEPI Patch technology. Under the partnership, Medherant will receive an initial upfront licence payment with an additional upfront payment for each candidate drug targeted. Medherant will also receive royalty payments on future sales of the products developed under the partnership, using the TEPI Patch platform.
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Symphony International Holdings Ltd - consumer businesses investment - Net Asset Value at March 31 USD0.6043, down from USD0.9805 at December-end. Change in NAV was predominantly due to a 53% decline in the share price of Minor International Pcl, a depreciation in Thai baht and other negative movements in the parameters used to value unlisted investments.
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Mountfield Group PLC - construction support services - Unit Connaught Access Flooring Ltd secures GBP1.2 million contract to install raised access flooring for a commercial office refurbishment project at Canary Wharf, London.
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React Group PLC - cleaning, hygiene and decontamination - Awarded a contract to provide specialist deep cleaning services on a regular basis to one of its customers operating in the rail sector. This is part of essential services and not Covid-19 related. The initial contract, worth approximately GBP400,000, will run for a period of 35-weeks through to the end of 2020 and is incremental to the work REACT carries out for this customer on a regular basis.
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Bango PLC - mobile commerce company - Signs a significant multi-year platform agreement with a major global telecoms provider. Deal is for an initial period of three-years and is worth, in aggregate, at least GBP1.5 million, with opportunity for Bango to earn additional revenue over this three-year period. Under the agreement, the telecoms provider will deliver a range of third-party products and services to its customers through the Bango platform and will benefit from Bango data insights to optimise the targeting of product offers.
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By Tapan Panchal; tapanpanchal@alliancenews.com
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