(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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Novacyt SA - clinical diagnostics - Gets GBP90 million worth of orders for Covid-19 test kit. On track to scale-up manufacturing facility. Expects to produce at least 8 million test kits per month by June. On track to launch new extraction reagents technology for Covid-19 testing in May.
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EKF Diagnostics Holdings PLC - laboratory assay manufacturer - Inks supply pact for PrimeStore MTM sample collection device with Source BioScience UK Ltd, which provides testing services for the UK National Health Service, for use in Covid-19 testing. New Welsh production site for PrimeStore MTM to 12,500 sample collection tubes a day.
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Shoe Zone PLC - footwear retailer - Reports GBP69.9 million in turnover for the six months to March 31, down 4.2% from GBP73.0 million a year ago due to virus disruption. Cancels interim payout and dividend policy. Extent of coronavirus impact on annual outcome not yet known. To focus on rebuilding cash balances, repaying debt and fulfilling other statutory obligations. Net cash of GBP5.4 million as of Tuesday. Gets approval from lender for GBP15.0 million loan using the UK government's Coronavirus Large Business Interruption Loan scheme.
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Stanley Gibbons Group PLC - collectable postage stamps and coins - Revenue since the penultimate week of March is down 45% versus budget. All areas of the business remain open and functioning other than the physical shop. Did not have any auctions planned for late March or April. Delays planned auction in May but will shortly be launching an online only auction with a view to potentially doing more of these hereafter. Coin market has remained quite robust in recent weeks. Furloughs around 20% of workforce. Non-executive directors temporarily take 25% pay cut. Defers cash outflows of GBP450,000 and has saved costs of GBP300,000. Has liquidity for another three to four months, plus GBP2 million debt facility.
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NWF Group PLC - fuel, food and feed distribution - Responding effectively to Covid-19 disruption and has been able to maintain its operations on a continuing basis. Says in a strong position to manage through uncertain period. Delivered a strong performance in the first half. Continued to trade well through the third quarter, in line with the board's expectations. Sees significant increase in demand and activity levels during March and April to date. Overall trading for the year to May-end to be significantly ahead of prior year. Decides against providing a guidance for financial 2021. Has GBP47.6 million of undrawn loan facilities at March-end.
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Anpario PLC - animal feed additives - Continues to operate with little disruption in terms of production and delivery to customers. Gains new customers as they experienced disruption in deliveries from other suppliers. Strong cash balance of GBP13.8 million as at April 25. Reaffirms commitment to the previously announced final dividend of 5.5 pence per share. Files international patent application for a natural essential oil composition that could reduce the presence of certain antimicrobial resistant bacteria in the gut of young cattle.
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Minoan Group PLC - resort development - Running behind schedule with a number of plans due to severe travel restrictions in the UK and Greece. Delays publication of results for the year ended October 31, 2019 to May 14. Expects annual pretax loss to narrow to GBP2 million from GBP3 million. To record a number of non-recurring costs and charges.
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Scotgold Resources Ltd - gold mining investor - Cononish project on care and maintenance as per government restrictions due to the health crisis. Renegotiates terms of the GBP7.5 million loan facility provided by Chair Nathaniel le Roux. Remaining two tranches of loan to be drawn down over a significantly longer period, up to December 31, 2021, and in smaller sub tranches of GBP500,000 each. To date has drawn down GBP4 million from loan facility. Adequate current cash balance on hand.
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Dalata Hotel Group PLC - Irish hotel operator - Seeing very significant impact on business. For the first quarter to March-end, revenue per available room on a like-for-like basis decreased by 24% at Dublin hotels, 14% at Regional Ireland hotels and 19% at UK hotels. Adjusted earnings before interest, depreciation and amortisation for the first quarter was EUR17.7 million. Results for subsequent periods to be hurt by temporarily hotel closures and reduced capacity due to government-imposed lockdowns in the UK and Ireland. Significant financial headroom and will be in compliance with bank covenants in June.
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Diaceutics PLC- medical diagnostics - Uses its platform to conduct study that has uncovered a sharp drop in cancer testing and diagnosis due to coronavirus. Data from Covid-19 oncology US tracker shows sharp downturn in both biomarker testing and cancer diagnosis rates between February and March.
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Zoetic International PLC - cannabidiol - Secures USD290,000 Covid-related aid from US government. Applies for GBP10,000 grant in the UK. Receipt of indicative offers for several of oil & gas division assets. Continues to adopt measures to reduce its costs. Terminates employment of two staff members in the US and furloughs three employees in the UK. Chief Executive Officer Nick Tulloch and Chair Paul Mendell resign. Chief Strategy Officer Trevor Taylor and Chief Revenue Officer Antonio Russo appointed as directors and co-chief executives.
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Heavitree Brewery PLC - pub operator - Cancels rent charges for its tenants for both April and May. Directors to take a salary reduction of 20%.
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Tritax EuroBox PLC - logistics real estate assets - Expects acceleration in demand for big box logistics sector due to Covid-19 pandemic and marked increase in online retail usage. Pauses investments and new expenditure due to the lack of visibility. All tenants operating their properties, although some are operating at reduced capacity due to lower business volumes or government restrictions. All rents due for the quarter to March-end have been collected. Temporarily delaying some rental payments for June quarter. Cash and undrawn facilities in excess of EUR100 million as at April.
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Empyrean Energy PLC - oil & gas - Continues to actively review cost base to ensure it is well positioned in the context of the current Covid-19 pandemic and oil price crash. Looks forward to update of resources for the Mako gas field located offshore Indonesia. Reports excellent progress on the seismic inversion work on Block 29/11 in China.
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LMS Capital PLC - investor - Net asset value falls on impact of coronavirus on valuations of its portfolio. NAV per share at March 31 55.0 pence versus 65.1p at December 31. Reports 18% reduction in the value of quoted investments, and a reduction of 30% in the underlying valuation of the unquoted direct investments and fund investments, offset by 3% unrealised foreign exchange gains. Cash balances of GBP28 million as of Monday.
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By Tapan Panchal; tapanpanchal@alliancenews.com
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