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UK TRADING UPDATE SUMMARY: Caffyns To Reopen Showrooms As Curbs Ease

Wed, 27th May 2020 13:10

(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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Caffyns PLC - motor dealer - Has restarted aftersales operations and showrooms will reopen on June 1 after UK government eased lockdown measures. Made cost savings, furloughed 80% of employees in April and implemented annual salary ceiling of GBP37,5000 for all employees, including chair and executive directors.

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Walker Greenbank PLC - furnishings - Phased restart to manufacturing in UK factories which were previously closed due to Covid-19 lockdowns. Furloughed staff also returning.

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Avation PLC - aircraft leasing - Says formal sales process terminated as not likely to deliver result which reflects company's "long-term value". Adds Covid-19 has continued to disrupt business activities.

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Cambridge Cognition Holdings PLC - neuroscience technology - Won several new contracts with pharmaceutical clients to deliver virtual clinical trials. Notes that movement curbs as a result of Covid-19 has hurt patient recruitment for trials forcing some to turn to remote trialling. Cambridge Cognition says contracts worth GBP1 million.

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Nuformix PLC - pharmaceutical development - Says GBP1.3 million equity fundraise from last year and low operating costs make it "well-placed" to cope with Covid-19 hurt. Notes it may miss out of a GBP2.5 million payment from Chinese partner Newsummit Biopharma, which has fallen out with its own parent company. Teams with New York-listed VistaGen Therapeutics to develop crystalline versions of the latter's central nervous system medication candidates.

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Vectura Group PLC - inhaler maker - Backs expectations and financial guidance after making "positive start to trading in 2020". To execute second GBP10 million trance of GBP20 million buyback. Hails "strong balance sheet", with undrawn GBP50 million revolving credit facility leaving "resilient" in the face of Covid-19 risks.

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FireAngel Safety Technology Group PLC - fire safety products - Reports revenue for April was "some way" ahead of revised expectations and revenue May on track for the same. Expects "quick rebound" in demand as construction sector ups tools again following lockdown. Continues cost-cutting, including furloughing employees and extended executive director pay reduction for a further two months.

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Christie Group PLC - financial and stock & inventory services - Accepts UK Coronavirus business interruption loan scheme financing of GBP6 million. Says Executive Director Chris Day delays retirement and will now step down no later than September 30.

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Vitec Group PLC - photography and video products - Says customer demand still impacted by pandemic but recovering in China after initial hit. Says revenue for the first quarter was down 20% year-on-year with revenue in April alone down 60% annually but notes signs of improvement in May.

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ECSC Group PLC - cyber security services - Launches Nebula cyber security breach detection service. ECSC says Covid-19 has caused a reduction in consulting bookings, with some clients also delaying projects. Says no reduction in managed services recurring revenue.

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Centaur Media PLC - events and marketing - Reports "strong demand" in its online learning courses but notes sharp fall in revenue in telesales business. Still planning to run The Festival of Marketing, The Lawyer Awards and The Lawyer General Counsel Summit events in the second half of the year but notes these could be affected by social distancing requirements.

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Blencowe Resources PLC - mining - Mobilising drill teams to northern Uganda site as travel restrictions ease. Reviewed geophysical survey at the Orom-Cross graphite project and has a identified new "high-grade zone".

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Ironveld PLC - vanadium developer - Says USD3.2 million financing from Inclusive Investment Group delayed by lockdown restrictions in South Africa. IIG's subscription option for 440.2 million shares for 0.42 pence each expires on June 17 but Ironveld says it is in talks to extend deadline.

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Genel Energy PLC - oil producer - Says gross production at the Tawke licence in the Kurdistan region of Iraq is expected to average 100,000 barrels of oil per day in 2020. Says second quarter output down 13% quarter-on-quarter to 100,000 bopd from 115,210 bopd.

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Merian Chrysalis Investment Co Ltd - investment company - Net asset value per share at March 31 down 4.1% to 108.65p from 113.3p reported at the end of September. Says digitally-enabled companies have seen less of a trading hit due to Covid-19, and Merian notes fall in equity markets in period to March but "strong rebound" since.

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By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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21 Dec 2022 13:29

Ironveld signs agreements for FCF acquisition

(Sharecast News) - Ironveld updated the market on its acquisition of Ferrochrome Furnaces (FCF) on Wednesday.

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21 Dec 2022 11:15

IN BRIEF: Ironveld agrees to buy smelter facility Ferrochrome Furnaces

Ironveld PLC - South Africa-focused exploration and development company - Says the debt purchase agreement and share purchase agreement for its Ferrochrome Furnaces Pty Ltd acquisition have now been agreed and signed. Ferrochrome Furnaces will provide the company with an existing smelting facility and the opportunity to commence mining and processing. The smelter is located in Rustenburg, South Africa.

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9 Dec 2022 19:51

TRADING UPDATES: FBD loses CFO; Eqtec wins GBP 2 million loan facility

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

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9 Dec 2022 14:31

Ironveld reports progress on various fronts

(Sharecast News) - Ironveld updated the market on the acquisition of Ferrochrome Furnaces (FCF) on Friday, as well as the refurbishment and start-up of the smelters, and on the project overall.

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2 Nov 2022 16:20

TRADING UPDATES: Alternative Income assets rise; Ironveld signs deal

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

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17 Oct 2022 21:50

TRADING UPDATES: Valereum loss widens; Audioboom revenue jumps

(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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17 Oct 2022 14:28

Ironveld rises progress towards production

(Sharecast News) - Ironveld updated the market on recent progress at its subsidiaries Ironveld Smelting and Ironveld Mining on Monday, as they moved towards production.

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12 Sep 2022 16:22

Ironveld working with Enernet on Rustenburg power plant

(Sharecast News) - Ironveld announced on Monday that it had been working with the project development and engineering teams from Enernet Global to develop an "optimised hybrid power plant" to deliver clean, reliable and low-cost power for the smelter facility in Rustenburg.

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12 Sep 2022 09:43

IN BRIEF: Ironveld begins power generation work programme with Enernet

Ironveld PLC - South Africa-focused exploration and development company - Says it has been working with the project development and engineering teams from Enernet Global Inc to develop an optimised hybrid power plant. Adds that the power plant "will deliver clean, reliable and low cost power for the smelter facility in Rustenburg." Says the first stage of the service is underway with a one megawatt pre-operations power facility that will allow Ironveld to test and re-commission the smelter. Enernet will complete installation of the pre-operations power this month.

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12 Aug 2022 17:18

IN BRIEF: Ironveld leadership triumphs over attempted ousting

Ironveld PLC - South Africa-focused exploration and development company - At general meeting, proposals to remove Chair Giles Clarke and Chief Executive Officer Martin Eales were "comprehensively rejected". The meeting was convened at the request of Align Research Ltd, whose owners Richard and Catherine Jennings hold 9.0% of Ironveld's share capital, at the end of June. Richard Jennings later tried to withdraw the requisition for the meeting in early August, which Ironveld said was against the common law practice and company articles of association. Thus, the meeting went ahead, and the resolutions failed to pass.

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11 Aug 2022 16:18

Ironveld contractors start work at South Africa smelter site

(Sharecast News) - Ironveld announced on Thursday that, following completion of its recent placing to raise £4.5m, its team of specialist contractors had now started work at the FCF Smelter site in Rustenburg, South Africa.

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11 Aug 2022 12:04

Ironveld starts work at FCF Smelter site in Rustenburg, South Africa

(Alliance News) - Ironveld PLC on Thursday said it has begun work at its FCF Smelter site in Rustenburg, South Africa, following its recent GBP4.5 million fundraise.

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5 Aug 2022 15:59

UK shareholder meetings calendar - next 7 days

Monday 8 August 
Altus Strategies PLCGM re merger with Elemental Royalties Corp
Bushveld Minerals LtdAGM
Essentra PLCGM re unit sale
Oscillate PLCAGM
Tuesday 9 August 
APQ Global LtdAGM
Goodbody Health IncAGM
Goodbody Health IncGM re delisting from Canadian Securities Exchange
Wednesday 10 August 
AssetCo PLCGM re share split
Cadence Minerals PLCAGM
CML Microsystems PLCAGM
Foresight Group Holdings LtdAGM
Mountview Estates PLCAGM
Unbound Group PLCGM re open offer
Thursday 11 August 
Inspecs Group PLCAGM
Marks Electrical Group PLCAGM
Silver Bullet Data Services Group PLCAGM
Friday 12 August 
iEnergizer LtdAGM
Ironveld PLCGM re proposals to remove directors
Old Mutual LtdGM
Pineapple Power CorpAGM
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

Read more
4 Aug 2022 19:36

IN BRIEF: Ironveld to proceeds with GM despite withdrawn request

Ironveld PLC - South Africa-focused exploration and development company - Shareholder Richard Jennings, director of Align Research Ltd issues letter to withdraw requisition for general meeting on Friday next week.

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15 Jul 2022 21:26

TRADING UPDATES: Premier Miton assets dip; Challenger Energy CFO quits

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

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