(Alliance News) - The following is a round-up of updates by London-listed companies on the impact of the Covid-19 pandemic, issued on Tuesday and not separately reported by Alliance News:
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1PM PLC - business finance - Subsidiary Onepm Finance approved by British Business Bank as lender under Coronavirus Business Interruption Loan Scheme. In the process determining the amount of funding it expects to be able to deploy for the scheme. Onepm to start lending under the scheme during May, with UK government covering the first 12 months of interest payments due and charges levied.
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600 Group PLC - industrial engineering - Results for the year to March 28 to be in line with management expectations, however unable to provide guidance for current financial year due to uncertainty. Taking advantage of government schemes and stimulus programmes, including loans under the US Government Paycheck Protection Program, and also reduced overheads wherever, whenever possible.
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LiDCO Group PLC - medical devices - Reports strong demand for hemodynamic monitoring systems due to Covid-19 pandemic, with over 200 monitors sold in the three months to the end of April 2020. First quarter sales more than double year-on-year to GBP4.4 million, even above the GBP3.5 million achieved in the first half of LiDCO's prior financial year.
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Johnson Service Group PLC - textile services - Disruption across its markets still significant. Workwear business has all processing site remain open, however, organic growth for first quarter of 2020 negative, with April trading down 12%. HORECA ceases processing at vast majority of its 18 sites, Organic growth for January and February, but March and April revenue falls. Furloughs significant portion of employees. Board and senior management agrees to 20% salary reduction. Employees not furloughed agree to 10% reduction.
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SEC Newgate Spa - communications and research - Subsidiaries Newgate Communications and Newgate Australia report record pretax profit for first quarter of 2020. Strong performance also achieved in other businesses. Taking action to reduce discretionary spend and ensure strong cashflow generation. Has committed banking facilities available to offer a more stable financial foundation.
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Mears Group PLC - housing services - Defers work and delivers only emergency services in housing maintenance activities. No reduction in demand for housing management activities. Development activities mothballed to reduce fixed cost base. Care activities continuing to deliver services as normal. Expects modest operating losses during full lockdown period as well as small positive cash flow.
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Mincon Group PLC - rock drilling tools - First quarter revenue up 4% compared to same period the year before. Reports restrictive measures in southern African market during March, with drill rod factory in South Africa closed along with much of mining activity. Disruption in moving products by air, however order book remains steady, and factories considered essential services in all regions group is located in.
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Urban Exposure PLC - property development finance - Will not enter into any new lending opportunities for the "foreseeable future" due to market uncertainities. Will focus on managing existing loan portfolio to maximise the returns.
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By Dayo Laniyan; dayolaniyan@alliancenews.com
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