(Alliance News) - The following is a round-up of updates by UK companies on the impact of the Covid-19 pandemic, issued on Tuesday and not separately reported by Alliance News:
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Synairgen PLC - respiratory drug discovery - Commences dosing of patients in trial of SNG001 - an inhaled formulation of interferon-beta-1a - in Covid-19 patients. The first patient was dosed at University Hospital Southampton. "A successful outcome from this trial in COVID-19 patients would be a very important step towards a major breakthrough in the fight against this coronavirus pandemic," said Chief Executive Officer Richard Marsden.
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Nichols PLC - soft drinks - Cancels final dividend for 2019 of 28.0 pence per share. Unable to give financial guidance for 2020, but expects significant impact on group's performance. Reviewing arrangements for annual general meeting.
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Costain Group PLC - infrastructure construction and engineering - Will not pay a final dividend for 2019, pauses construction activities in London. Reports little change in demand for consultancy services to energy, defence and aviation, while critical services provision to highway, local authority clients and water utilities to continue.
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FIH Group PLC - specialist services group - Expects performance for year ended March 31 to be in line with market expectations, despite tough conditions. Reduces activity significantly at Momart and Portsmouth Harbour Ferry Co. Will not recommend final dividend payment, and has reduced board salaries by 30% for three months.
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Kape Technologies PLC - digital security and privacy software - Reports increased demand for products due to rise in remote and home working. On track to deliver adjusted earnings before interest, taxes, depreciation and amortisation of USD35 million to USD38 million in 2020, and revenue of USD120 million to USD123 million. For 2019, adjusted Ebitda was USD14.6 million and revenue USD66.1 million.
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Harvest Minerals Ltd - fertilizer - No impact yet on operations, but taken steps to prevent the spread of the infection. Expects 2019 results to be published late in the second quarter of 2020.
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Savannah Resources PLC - energy metals - Closes all offices and all field activities and reduces staff at Mutamba mineral sands project camp in Mozambique. However has continued environment impact assessment and mine plan for Mina do Barroso lithium project in Portugal, and pre-feasibility study data review for Mutamba.
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Parity Group PLC - staffing and consultancy - Delays publication of 2019 results in line with UK regulator's request, but says adjusted pretax profit to be in line with expectations. Unable to give accurate forecast for 2020, but expects revenue hit due to uncertainty in public sector.
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Toople PLC - telecom services - All staff in UK, Durban and Poland working remotely without disruption to any key business functions. Once UK government lockdown is lifted, will move all operations to Bishop's Stortford from Slough.
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TMT Investments PLC - venture capital - No disruptions to company's activities, and majority of portfolio firms well positioned to withstand impact of Covid-19. However, will take up selective investment approach, meaning no significant investments to be made in coming months. In addition, 2019 results publication delayed.
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Xpediator PLC - freight management services - Expects to publish 2019 results in April, with revenue up 19% to GBP212 million and pretax profit above GBP5.0 million. Trading in the first three months of 2020 in line with expectations, but unable to give longer-term guidance for the year.
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Catenae Innovation PLC - digital media - Delays release of results, for year ended September 2019, to June 30 at latest. Expects to report loss of GBP789,565 on turnover of GBP102,549.
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Hardide PLC - surface coating technology - Revenue for six months ended March 31 to be 25% up from year before, as facilities in Oxfordshire, UK and Virginia, US continue operations, on strong demand from oil & gas customers.
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Marlowe PLC - safety and compliance services - Reports strong trading in second half ended March 31, despite challenging conditions in recent weeks. However, because of government restrictions preventing employees from accessing work sites, expects impact on performance in first quarter of new financial year.
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Quixant PLC - gaming and broadcast technology - Delays 2019 results to April 6, but reports 20% decline in revenue to USD92.3 million, and 41% drop in adjusted pretax profit to USD10.7 million, due to reduced demand for products. Suspends dividend payout and withdraws guidance for 2020 and beyond.
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Sabien Technology Group PLC - boiler-load optimisation controls - Furloughs all non-essential staff, and suspends all non-essential business functions. To continue work potential acquisition of Ptarmigan SA, with target completion within the second quarter.
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Appreciate Group PLC - gift cards and vouchers - Trading in 11 months to end of February in line with management expectations, but in order to preserve cash, will cancelling interim dividend payment and is reviewing bonuses. Closes all offices and fulfilment locations. To provide further update at end of April.
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Falanx Group Ltd - cyber security services - Reports strong trading in year ended Tuesday, expects revenue growth by 13% year-on-year to GBP5.9 million. Expects to still be able to operate effectively despite lockdowns and pandemic.
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Thalassa Holdings Ltd - investment holdings firm - Delays publication of 2019 results.
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Dewhurst PLC - electrical components manufacture - Closes operations at Dewhurst UK, but A&A and TMP to continue operations with reduced workforce. Withdraws guidance for future performance, and is reviewing dividend policy for year ending September 2020. Expects first-half results to February 29 to be GBP28 million, in line with year before.
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Power Metal Resources PLC - metals exploration and development - Delays final results publication to May 30 from original date of March 31. Conducts ongoing review of business operations to determine Covid-19 effect. Principal operations remain unaffected, including field work in Democratic Republic of Congo.
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Angle PLC - liquid biopsy - Ceases operations at Angle UK laboratories and offices. Withdraws guidance for future financial years, and plans to publish results for eight months to December 31 in May instead of April.
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Europa Oil & Gas Holdings PLC - UK & Ireland-focused energy development - Expects existing cash reserves to be sufficient to finance activity at Wressle field development project, ongoing farm-out activities, and reduced work programmes offshore Ireland and Morocco. However, has implemented cost -cutting measures including salary cuts, and cancellation of non-core contracts.
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Northern Bear PLC - building services - Expects operating profit for year ended March 31 to be between GBP2.2 million and GBP2.3 million, down from GBP3.2 million the year before. Renews existing GBP3.5 million revolving credit facility with Yorkshire Bank. Majority of businesses see construction sites close.
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SpaceandPeople PLC - retail licensing space marketing - Furloughs majority of staff in UK offices with effect from April 1, with similar scheme implemented in Germany. All premises in UK, Germany and India closed, and volume of business transacted has decreased significantly. Cancels proposed dividend, and cuts non-essential spend.
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By Dayo Laniyan; dayolaniyan@alliancenews.com
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