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UK TRADING UPDATE SUMMARY: Companies Cut Pay To Mitigate Virus Impact

Tue, 14th Apr 2020 13:24

(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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Rambler Metals & Mining PLC - copper and gold - Implements remote working for office-based employees in UK and Canada, with all non-essential travel stopped. Operations at Ming Mine and Nugget Pond concentrator plant in Newfoundland, Canada, ongoing but protocols put in place to minimise disease spread.

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Cake Box Holdings PLC - cake retail - Expects revenue for year ended March 31 up 10% year-on-year at GBP18.7 million, adjusted pretax profit between GBP4.1 million and GBP4.3 million, up from GBP4.0 million. Opened 20 new stores in year, ended period with 133 franchise stores. Withdraws final dividend.

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Jarvis Securities PLC - stockbroker - Will pay interim dividend on or around June 11. Reports rise in trade volumes since December UK election result due to market volatility as a result of pandemic. Expects Bank of England base rate reduction to have "negligible effect on interest income".

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MyCelx Technologies Corp - clean water technology - Remains operational across all sites despite deteriorating market following oil price decline. All employees except for those on hourly rate to take 15% pay cut. Withdraws guidance from early March, for revenue to be "no less than 2019".

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dotDigital Group PLC - marketing automation - Expects revenue for June 30 to soften, but also expects to deliver consensus earnings. Messaging volumes and omnichannel usage from existing customers growing, but new business being affected by event cancellations and decision deferrals.

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Fletcher King PLC - property management - Performance for year ending April 30 to not be "materially affected" by current crisis. First 11 months of the year in line with management expectations. To consider whether final dividend is appropriate once annual results are available.

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Nakama Group PLC - recruitment consultancy - Trading for year ended March 31 to be marginally below management expectations. Final quarter affected by several challenges, including UK tax regulations surrounding the implementation IR35 that have been delayed. Outbreak to affect new financial year.

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Checkit PLC - cloud-based software - Withdraws guidance for year ending January 31, 2021. Chair agrees to waive entire salary, board agrees to 36% pay cut, for initial two months from April 1. Lockdown causing disruption to business, expects to only be able to rely on committed recurring revenue.

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SIMEC Atlantis Energy Ltd - energy project development - Reports minimal disruption to tidal business, Green Highland Renewables to continue operations with reduced team of engineers, Uskmouth Power Station conversion project work programmes expected to be delayed. Chair and Non-Executive Directors to take 20% cut in fees. CEO and Executive to take a 20% salary deferral.

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IXICO PLC - neuroscience data analytics - Signs four-year contract worth GBP10.5 million for a late-phase open label study in Huntington's disease. Expects revenue growth for six months ended March 31 of 25% from GBP3.4 million the year before. Second half revenue to drop on project work deferrals and delays into next year.

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Circle Property PLC - regional office property management - Property portfolio valued at GBP139.5 million as at March 31 from GBP124.6 million same date year before. Net asset value rises by 4.7% year-on-year to GBP2.90 per share. Delays full-year results publication to late September, defers final dividend payment for 2019 financial year.

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Revolution Bars Group PLC - bar operator - Executive directors take 50% reduction in salaries, cuts down on capital expenditure , negotiates with suppliers on contract suspensions. Agrees revolving credit facility increase with NatWest to GBP30.0 million until end of August, then will be bought back to GBP24.0 million.

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Iofina PLC - iodine production - Crystalline iodine production for first quarter of 2020 down to 129.7 metric tonnes from 134.4 tonnes the year before. Plants remain fully operational due to being deemed "essential" is USA. Progress on IofinaEX slows as cannabidiol market declines in demand and pricing.

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BlueRock Diamonds PLC - diamond production - Notes South Africa President's extension to lock down until end of April. Will have no direct impact on company's strategy, as operations remain suspended.

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Brand Architekts Group PLC - personal care and beauty products - Six of seven UK-based suppliers remain operational, all Chinese suppliers return to normal operations. Overall sales volumes reduced significantly, as stores close and online sales rise. Handcare products sales up significantly. Suspends interim dividend payment. Withdraws guidance for year ended June 30.

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Valeura Energy Inc - Turkey-focused upstream natural gas - Continues operations, as production for first quarter of 2020 averages 706 barrels of oil equivalent per day up 9% year-on-year. Petroleum & natural gas sales revenue up 6% quarter-on-quarter at USD2.8 million. Still expects completing its two shallow wells in the West Thrace licence in second quarter.

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Bagir Group Ltd - tailoring - Files application for temporary stay of proceedings to District Court in Beer-Sheva, Israel against firm. Applies for appointment of trustee to assess feasibility of maintaining group's business, assets, and best manner of realisation. Court set to rule on application by Monday next week.

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Bluejay Mining PLC - metals mining - Implements cost saving programme, with 30% pay reduction for all staff until September, licence waivers received on exploration licence commitments from MLSA in Greenland, maiden drilling at Disko-Nuussuaq and Kangerluarsuk postponed.

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Triple Point Social Housing REIT PLC - real estate investment trust - 98% of quarterly rent received, in line with year before. Three developments with gross development value of GBP7.2 million reaches practical completion since start of 2020, expects fourth development to be completed "imminently". Net debt as at March 31 was GBP130.7 million, loan facilities and cash on deposit totalling GBP43.8 million.

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Moss Bros Group PLC - menswear retail - Defers publication of results ended January 25 to late July from late May.

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Lamprell PLC - oil rig manufacturing - Consolidates operations in one yard, plans for low levels of critical-only capital expenditure at its facilities, with a total value below USD10 million in 2020. Withdraws guidance for 2020, but 2019 year end backlog stands at USD470.1 million with USD275 million set to run off in 2020.

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New Trend Lifestyle Group PLC - Feng Shui products - Revenue for 2019 at SGD6.7 million, around GBP3.8 million, from SGD6.5 million the year before. For first quarter of 2020, revenue down to SGD1.8 million from SGD1.9 million. Operations closed as Singapore government implements lockdown, 2019 results due to be published by end of June.

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Phoenix Global Resources PLC - Argentina-focused oil & gas - Argentine energy firm YPF Sociedad Anónima suspends purchase of oil until further notice. Phoenix closes production of oil from licences Puesto Rojas, Atamisqui and Tupungato. Third party licence production significantly reduced.

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Safestay PLC - hostel operator - All hostels closed since April 1. Confirms new GBP5 million overdraft extension with HSBC, which will be added to cash reserves of GBP1.1 million as at April 8.

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NMCN PLC- engineering and construction - Will not recommend final dividend payment for 2019 and withdraws guidance for 2020. Implements 20% reduction in board remuneration and 10% for senior management with effect from April 1. Water, Built Environment, Telecommunications and Highways segment to remain operational due to being designated "critical sectors".

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Red Rock Resources PLC - natural resources - Notes Jupiter Mines announcement that Tshipi Borwa manganese mine to partially resume operations from Tuesday onwards, despite extended South Africa lockdown to end of April.

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AorTech International PLC - biomedical polymer technology - Board agrees to 20% reduction in fees and salaries during lockdown, in order to "share the pain" with furloughed employees. Retains team for development of patches and grafts projects.

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By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News
20 Sep 2023 19:15

TRADING UPDATES: Thor Energy fundraise to support drilling activities

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

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18 Aug 2023 17:32

IN BRIEF: Red Rock begins discussions with sales agent in China

Red Rock Resources PLC - Africa, South America and Australia-focused natural resource exploration and development company - Notes that discussions have begun with sales agents in China for the sale of lithium ores. Adds a potential contract miner/partner has sent an "experienced" South African consultant geologist who, with African Lithium Resources (Pvt) Ltd personnel, conducted due diligence at ALR's locations in Zimbabwe. ALR is the company's subsidiary.

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7 Aug 2023 13:51

IN BRIEF: Red Rock Resources investors agree to note extension

Red Rock Resources PLC - London-based Africa and Australia-focused natural resources development company - Says its investors agree to an extension of notes for one year. Notes are now extended to July 2024 and January 2026. The conversion price of the notes have been adjusted from 0.6 pence per share to a price 20% above the volume weighted average price for the period from July 9, but the note conversion price cannot be less than 0.2 pence and not more than 0.6p per share.

Read more
3 Jul 2023 17:31

TRADING UPDATES: Mycelx wins deal; 88 Energy buys in Texas

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

Read more
21 Jun 2023 14:19

IN BRIEF: Red Rock Resources issues 200 million shares to repay debts

Red Rock Resources PLC - London-based Africa and Australia-focused natural resources development company - Says it has issued 199.6 million new shares at an average price of 0.1182746 pence per share to to settle GBP236,032 worth of debts. Says 65.9 million shares issued to Riverfort Global Opportunities PCC Ltd to repay GBP75,000, as well as 23.7 million shares issued in relation to a consent fee of GBP40,000. Adds that it has also issue 110.0 million shares to Diversified Metals Holdings LLC, to repay GBP121,032.

Read more
16 Jun 2023 15:42

Red Rock Resources granted first Ivory Coast licence

(Alliance News) - Red Rock Resources PLC on Friday said it has been granted its first licence in the Ivory Coast.

Read more
15 Jun 2023 14:22

Red Rock Resources gains environmental certificate for Zimbabwe mining

(Alliance News) - Red Rock Resources PLC on Thursday said that it has been granted an environmental certificate for the company's first Zimbabwe project, and can begin mining.

Read more
12 Jun 2023 15:51

UK shareholder meetings calendar - next 7 days

Tuesday 13 June 
Animalcare Group PLCAGM
Asiamet Resources LtdAGM
Centrica PLCAGM
Dillistone Group PLCAGM
EJF Investments LtdAGM
Elixirr International PLCAGM
Flowtech Fluidpower PLCAGM
Frenkel Topping Group PLCAGM
Great Western Mining Corp PLCAGM
Newbury Racecourse PLCAGM
Plant Health Care PLCAGM
Pressure Technologies PLCGM re delay to the publication of the FY22 Annual Report and directors' remuneration
Pod Point Group Holdings PLCAGM
Sound Energy PLCAGM
Zinnwald Lithium PLCAGM
Wednesday 14 June 
abrdn Property Income Trust LtdAGM
abrdn Smaller Companies Income Trust PLCAGM
Andrews Sykes Group PLCAGM
Aquila Energy Efficiency Trust PLCAGM
Aurrigo International PLCAGM
Brave Bison Group PLCAGM
Christie Group PLCAGM
Foresight Solar Fund LtdAGM
IGas Energy PLCAGM
International Consolidated Airlines Group SAAGM
Iofina PLCAGM
James Fisher & Sons PLCAGM
Liberty Global PLCAGM
M&C Saatchi PLCAGM
Octopus Titan VCT PLCAGM
Petards Group PLCAGM
Thursday 15 June 
Amaroq Minerals LtdAGM
Anexo Group PLCAGM
ASA International Group PLCAGM
Baillie Gifford China Growth Trust PLCAGM
Chapel Down Group PLCAGM
Directa Plus PLCAGM
Everyman Media Group PLCAGM
HC Slingsby PLCAGM
Inspecs Group PLCAGM
Informa PLCAGM
IP Group PLCAGM
LBG Media PLCAGM
M&G Credit Income Investment Trust PLCGM re amendment to the company's articles of association
Novacyt SAAGM
OTAQ PLCAGM
Parity Group PLCAGM
PetroTal CorpAGM
Pollen Street PLCAGM
Shaftesbury Capital PLCAGM
Southern Energy CorpAGM
Friday 16 June 
Alpha Growth PLCAGM
Anglo-Eastern Plantations PLCAGM
Gulf Keystone Petroleum LtdAGM
John Lewis of Hungerford PLCGM re proposed cancellation of admission to trading on AIM
Tesco PLCAGM
Woodbois LtdAGM
Monday 19 June 
All ThingsConsidered Group PLCAGM
Blackbird PLCAGM
Finsbury Food Group PLCAGM
Globalworth Real Estate Investments LtdAGM
Marlowe PLCGM re proposed capital reduction
Metals Exploration PLCAGM
Red Rock Resources PLCGM re security conversion into shares for cash
Savannah Resources PLCAGM
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

Read more
11 May 2023 11:28

IN BRIEF: Red Rock shares fall, raises GBP535,840 in share placing

Red Rock Resources PLC - London-based natural resource development company with assets in Australia and Africa - Raises GBP535,840 through the placing of 376.0 million new shares at 0.1425 pence each. Says net proceeds of the placing will be used for activities in Africa and Australia, as well as for general working capital purposes.

Read more
4 Apr 2023 10:17

Red Rock Resources gets GBP223,000 in share placing to fund operations

(Alliance News) - Red Rock Resources PLC on Tuesday said it raised around GBP223,000 before expenses via a placing of new shares, which will be used to fund its activities in Australia, Kenya and Zimbabwe and for general working capital.

Read more
3 Apr 2023 15:03

TRADING UPDATES: Tracsis profit jumps; Elixirr 2022 earnings improve

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

Read more
28 Mar 2023 15:09

Red Rock Resources moves towards production on administrative progress

(Alliance News) - Red Rock Resources PLC on Tuesday celebrated progress at its project in Zimbabwe on the completion of several administrative, technical, and regulatory tasks.

Read more
15 Mar 2023 18:51

IN BRIEF: Red Rock Resources, Power Metal hail gold drilling testing

Red Rock Resources PLC- Africa and Australia-focused gold and base metals development company - and Power Metal Resources PLC - metals exploration company, focused on North America, Africa and Australia - Release update for Victoria, Australia-based joint venture at Berringa gold mine project, which is 50.1% held by Red Rock and 49.9% held by Power Metal. Says drilling is completed with a total of six diamond drillholes totalling 988 metres, with the majority of drill core samples undergoing assay testing at a laboratory. "Four of the six drill holes completed as part of this programme encountered visible gold," companies highlight. Power Metal Resources Chief Executive Officer Sean Wade says: "Importantly, 4 of 6 drill holes encountered visible gold including a significant 30-metre-wide mineralised quartz vein in the final hole completed - which remains open downhole."

Read more
24 Feb 2023 12:48

Red Rock subscriber requests further GBP6.7 million share issue.

(Alliance News) - Red Rock Resources PLC on Friday said a subscriber under a previously-announced funding agreement has requested it issue 26.8 million new shares to the subscriber at a price of 0.25 pence per share.

Read more
16 Feb 2023 16:50

UPDATE: Red Rock, Power Metal identify visible gold at Berringa mine

(Alliance News) - Red Rock Resources PLC and Power Metal Resources PLC both on Thursday said three holes have been completed in an inaugural drilling programme at the Berringa gold mine in the Victoria Goldfields joint venture in Australia.

Read more

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