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(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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Braemar Shipping Services PLC - shipbroking - Sees solid demand in Tankers market due to oversupply of crude oil, leading to a high demand for vessels to be used for oil storage. Order book grows to USD52 million at March 31 from USD50 million February 29. Securities division sees high levels of activity due to market volatility. Logistics division, Cory Brothers, sees relatively strong start to the year driven by both tanker customers and UK exports. Remains positive about the medium-term outlook for the global shipping market. Suspends final dividend payment for the year ended February 28.
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Studio Retail Group PLC - home shopping - Underlying pretax profit for year to March 27 from continuing operations likely to be towards the middle of market forecasts. Revenue for the full year in core Studio unit was 3% ahead of prior year. Decides against providing financial guidance for financial 2021. Studio unit traded well ahead of the prior year during the lockdown period, seeing particularly strong demand for ranges such as toys, games, electricals, fitness and garden. Taking a prudent approach towards stock intake for the summer period, particularly on clothing, in order to de-risk the business. Small number of employees at Studio unit furloughed. Non-core Education business furloughs majority of staff due to school closures and sees demand plummet at around 20% to 30% of normal levels. Has net debt of GBP53 million and cash on balance sheet of GBP32 million.
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Non-Standard Finance PLC - consumer finance - Lending volumes limited to smaller sized loans to key workers only over the past four weeks. Collections performance robust. Everyday Loans collections above 90% of the comparative pre-lockdown levels in March. Guarantor Loans division collections are running at slightly below 90%. Loans at Home unit collections running at 75% of the expected level. Net cash of GBP38.7 million and gross borrowings of GBP345.0 million as of Tuesday. Has access to additional borrowing facilities totalling GBP185 million. Delays release of 2019 to mid-May.
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Dods Group PLC - information, events and publishing - Continues to address the challenges of the virus crisis. Furloughs one-third of workforce in the UK, while remaining staff working remotely. Decides against issuing any forward guidance due to current uncertainty. Appoints Simon Bullock as chief financial officer. Bullock - a chartered management accountant - has over 20 years' experience as a financial director and chief financial officer.
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Blackstone/GSO Loan Financing Ltd - investment fund - Medium and long term impact of the virus pandemic remains uncertain. In the short-term, ratings agency downgrades and corporate defaults of companies within investment portfolios may lead to temporary cashflow diversion. Revises dividend policy and now targets 2020 annual dividend of between EUR0.06 and EUR0.07 per share, down from EUR0.10. Declares EUR0.015 per share dividend for the quarter to end-March.
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Standard Life Investments Property Income Trust Ltd - commercial property investment - Working closely with tenants to understand their needs during the UK lockdown. Portfolio valuation as at March 31 of GBP458.6 million, down 4.9% from December 31. Loan to value of 24.4% based on March 31 valuation. Cash of GBP5.9 million as of Monday plus GBP47 million in credit facility. Received 66% of rents due as of Monday for second quarter. Rent collection for the period to June 30, and potentially thereafter, to be materially hurt by virus crisis which in turn will reduce future dividends. Confirms intention to pay 1.19 pence per share dividend for the quarter ended March 31. Results for 2019 expected to be released during May.
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Smartspace Software PLC - space management software - Taking steps to cut costs and preserve cash including a recruitment freeze, curtailment of all discretionary spend, and office closures. Furloughs 11 staff under UK government's Coronavirus Job Retention Scheme. Withdraws financial guidance for the year ending January 31, 2021. Unable to assess virus impact on financial performance. Had cash of GBP1.9 million as of Monday.
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US Solar Fund PLC - solar projects investment - Does not expect Covid-19 to materially impact construction timelines or operating cashflows. More than 55% of the acquired portfolio fully operational and construction of the remainder is progressing to the expected timeline. All debt and tax equity financing required for construction and operations of the acquired portfolio in-place. In a strong position to commence the full 5.5% dividend from first quarter of 2021.
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Open Orphan PLC - pharmaceutical services - Subsidiary hVIVO starts testing of an anti-viral for treating Covid-19 on behalf Russian client Nearmedic International Ltd. New drug has both potential anti-viral and anti-inflammatory activity and could reduce both virus infectivity and disease severity. hVIVO will be testing its utility against a panel of viruses to include influenza virus, circulating betacoronavirus and SARS-CoV2.
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Trifast PLC - industrial fastenings - Revenue for the year ended March 31 held up well against the prior year. Underlying pretax profit broadly in line with market expectations despite reduced trading levels as a result of reduction in manufacturing volumes across end markets. Decides against declaring dividend for financial 2020. Removes earnings guidance for financial 2021. Making full use of available government backed job retention and wage subsidy schemes. Directors to take a 20% reduction in salaries and fees. Implements a recruitment freeze, a pay-rise deferral, reductions in temporary and contractor headcount and a ban on all non-essential travel.
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Trans-Siberian Gold PLC - gold producer - Sees no material impact to production from virus crisis. Dollar-denominated revenue from gold sales remains strong in a supportive gold price environment. Operational costs are rouble-denominated and have fallen due to foreign exchange movements. Revenue for quarter ended March 31 declines to USD9.3 million from USD16.2 million a year ago. First quarter refined gold production down 49% to 6,035 ounces. Gold sales decline 51% to 5,837 ounces. Refined silver output down 28% at 22,205 ounces and sales nil versus 36,329 ounces. Reiterates 2020 gold production guidance of between 38,000 and 42,000 ounces.
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Gear4Music PLC - musical instruments - Begins financial 2021 with operational challenges relating to Covid-19. High demand encountered since late March. Appropriately configured to achieve long-term profitable growth. Predicts 9% growth in total sales for year that ended March 31 to GBP120.3 million from GBP109.9 million a year ago. Earnings before interest, tax, depreciation and amortisation of not less than GBP7.0 million versus GBP2.3 million. Cash on hand of GBP7 million at March 31.
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SDI Group PLC - scientific and technology products - Continues to operate at all eight sites since UK lockdown began on March 23. To meet market profit expectations for the year ending April 30, with sales of around GBP24 million. Withdraws market guidance for the financial 2021. Cuts salaries and fees of directors by 33% for three months. Furloughs 19% of staff. Current cash in excess of GBP4.5 million, unused debt facilities of GBP600,000, and bank debt of GBP8.9 million.
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Amryt Pharma PLC - rare disease treatment - Halts further enrolment to global phase 3 clinical study in Epidermolysis Bullosa, a rare genetic condition resulting in easy blistering of the skin and mucous membranes. Shortly after the last patient completes the end of the double-blind treatment period, the study data will be cleaned and the database locked. Top line data from study expected in late third quarter or early fourth quarter of 2020.
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Collagen Solutions PLC - biomaterials and regenerative medicines - Revenue for year to March-end expected to fall 3.3% year-on-year to GBP4.0 million. Experienced Covid-19 impact to the business in March which have hurt full year revenue and are expected to continue to damage trading for the near future. Facing challenges from the virus outbreak in production, logistics and customers. Pursuing additional funding sources including various governments' Covid-19 loans and grants. Board and senior executives including chief executive officer taking 25% pay cut for up to six months. Cash balances at March-end of GBP2.1 million.
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Synectics PLC - security and surveillance systems - All business units currently operating, but at significantly reduced levels of activity in every sector and geography. Financial guidance for year ending November 30 remains suspended. Withdrawing resolution for final dividend at annual general meeting. Reducing temporarily salaries and fees for the board and senior management team. Utilising the UK government's Job Retention Scheme, with 30% of UK workforce furloughed. Applying for support, as appropriate, from government schemes in the US, Germany and Singapore. Suspending all discretionary spending, recruitment and capital expenditure. Net cash of GBP3.3 million as of Monday, with confirmed loan facilities of GBP5.0 million.
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Kavango Resources PLC - explorer of mineral deposits in Botswana - Minimal disruption so far to the company's operations with recent work focused on analysis and modelling of all data collected over the last 18 months. Constructing a 3D underground map of the northern part of the Kalahari Suture zone. Assessing other prospecting licences at Kalahari copper belt. Seeking a joint venture partner for the Ditau project.
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Braveheart Investment Group PLC - fund management and investment - Majority owned Pharm 2 Farm Ltd manufacturing medical grade alcohol hand sanitiser gel. To increase production to 2,000 litres per day by the end of May. Investee Kirkstall Ltd working with Animal Free Research UK to implement new and existing techniques to replace the use of animal in trials and research.
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Berkeley Energia Ltd - uranium producer - Focusing on progressing the approvals required to commence construction of the Salamanca mine in Spain and bring it into production. Sees 30% year-to-date jump in uranium spot price to USD32.50 per pound amid uncertainty surrounding Covid-19 impact on the nuclear fuel supply chain.
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Cadence Minerals PLC - minerals project investor - No effect of virus outbreak on lithium and tin project in Cinovec, Czech Republic. Restrictions on travel and meetings not expected to have any impact for the foreseeable future on the project. European Metals Holdings Ltd investors have approved EUR29.1 million investment in Cinovec project.
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Redx Pharma PLC - drug discovery - Halts recruitment to its phase 1/2a clinical trial of RXC004, an oral porcupine inhibitor, to prioritise resources for the UK's National Health Service. Majority of operations in the discovery phase, preclinical phase, and in ongoing research collaborations continuing to plan. Continuing long-term funding discussion with US healthcare firm Redmile Group LLC.
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Great Western Mining Corp PLC - minerals exploration in US - Introduces cost saving measures, including agreements with directors and staff to defer 30% of their salaries. Remains in a good cash position and looks forward to restarting activities in the US state of Nevada as soon as circumstances permit.
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JPMorgan Claverhouse Investment Trust PLC - investment fund - Directors to reduce fees by 20% due to coronavirus events and the recent fall in assets. The reduction will take effect from start of April 2020 and will continue until June-end.
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TP Group PLC - secure communication and software systems - Auditors RSM UK Audit LLP unable to meet agreed timetable to formally report 2019 results. Expects substantial growth in both revenue and adjusted operating profit for 2019, with a significant strengthening of the order book. Seeking clarity from RSM with regards to the timetable for publishing results.
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By Tapan Panchal; tapanpanchal@alliancenews.com
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