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(Alliance News) - A swathe of UK-listed businesses warned on Monday Covid-19 is going to hurt trading, but the impact is yet to be quantifiable.
Automotive retailer Lookers, which is currently investigating possible fraud, decided against a dividend for 2019 to try and preserve cash. The firm has closed all trading outlets with immediate effect.
It had net debt of GBP62.0 million as of December 31, but also has a GBP250 million revolving credit facility available which matures in March 2022.
Shares closed 5.3% higher on Monday in London at 11.58 pence each.
Peer Marshall Motor has decided against paying the previously announced 5.69p per share final dividend for 2019 as it also shuts all retail sites in the UK.
It will review dividends once things become more clear, Marshall Motor said. Financially, the firm believes it has the strength to weather a total shutdown well beyond June.
Marshall Motor ended 12% lower on Monday at 86.00p.
Employee services firm Personal Group said 2019 results are to beat market expectations. Shares closed down 4.3% at 258.40p.
However, Covid-19 is to impact future trading but any further guidance is impossible.
"Whilst it is expected that the ongoing impact of the virus could have a material negative impact on the group's earnings before interest, tax, depreciation, and amortisation for 2020, and into 2021, the group remains confident its business will still be profitable with a strong balance sheet, positive cash flow and no debt," said Personal Group.
"The majority of regulatory assets are held in cash and short-term fixed interest rate deposits with no exposure to equities. In addition, the group benefits from regulatory capital with headroom significantly over and above the minimum requirements," it added.
Nucleus Financial said there has been "limited" impact on inflows due to Covid-19. Between January 1 and the end of February, gross inflows rose 35% and net inflows more than doubled year on year.
However, the value of most asset classes has fallen "significantly" since March, and Nucleus said it is too early to tell how Covid-19 will hit the firm. It has a "robust" capital structure, the firm added.
Shares closed 10% lower on Monday at a price of 108.00p.
Alliance Pharma believes 2020 trading will be weighted to the second half, saying it is difficult to predict how Covid-19 will hurt trading.
The supply chain is holding up well, it continued, but although things are improving Alliance Pharma said demand in the Asia Pacific has been damaged.
"We have conducted a number of stress tests on potential trading scenarios in the year ahead and remain confident of the financial strength and resilience of the group," it said.
The shares finished Monday down 12% at 57.20p in London.
Ten Entertainment has confirmed all of its 45 centres closed on Friday last week. It has cash of GBP20.5 million as well as an overdraft of GBP2 million and undrawn loans of GBP2.8 million.
All capital investment has been postponed, Ten Entertainment said, and it is comfortable it has the finances to last beyond 2020.
On the trading front, operations were strong in the first 11 weeks on 2020 before Covid-19, with sales in the 11 weeks to March 15 up 13% year-on-year and 9.3% like-for-like.
Ten Entertainment closed 0.4% higher on Monday in London at 130.50p.
Synectics, a security and video surveillance firm, said it has a "solid" cash position. Measures have been put into place to preserve cash, with all non-critical expenditure on hold.
This includes not paying the 3.5p per share dividend recommended for its year ended November.
"Modest trading in the first quarter was expected to be followed by a strong second-quarter performance. However given the continued uncertainty, the board wishes to withdraw financial guidance on expected trading performance for the financial year ending November 2020," said Synectics.
Shares finished the day 6.4% lower in London at 110.00p.
Fryer management firm Filta Group has started seeing, as of last week, a slowdown in order flow, which will hit servicing volumes.
Shares closed 2.7% in the red in London Monday at 72.00p.
There is "little" visibility over how long restrictions will last on sites such as sporting venues.
Like many others, Filta has also decided not to pay a final dividend for 2019. It is confident action taken will preserve the firm's health during the Covid-19 shutdown.
Electronic invoicing firm Tungsten Corp said trading remains in line with guidance given on February 25 for its year ending April. Shares finished up 14% at 24.00p.
It is well-placed to navigate any Covid-19 disruption, Tungsten continued, with over 90% of revenue recurring in nature and under multi-year contracts. It has "significant" headroom.
Tungsten also said some of its largest buyers are looking to increase electronic invoice volumes, due to office closures, which could be a "positive and significant" development.
Inkjet technology firm Xaar said no orders have been cancelled yet due to Covid-19, though it again stressed it is too early to say what the impact might be on 2020 performance.
It had cash of GBP25.3 million as of December 31, and said it is making good progress.
Shares in Xaar closed 3.5% lower on Monday in London at 19.40p.
Bacanora Lithium said all workstreams are progressing at the flagship Sonora lithium project in Mexico, but there have been delays due to the situation in Asia and North America.
Bacanora now expects engineering work to finish during the third quarter of 2020.
It is well-positioned to withstand the outbreak, the firm said, and has cash of USD47 million.
Shares closed 9.3% lower on Monday in London at 17.00p.
Uranium investor Yellow Cake has an "extremely" strong cash position, it said, and has enough funds for at least two years before needed to raise any further money. It also has no debt.
The uranium market, it continued, has seen little disruption due to Covid-19 and it does not expect there to be any.
Yellow Cake shares closed flat on Monday in London at 160.00p.
By George Collard; georgecollard@alliancenews.com
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