(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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Yourgene Health PLC - molecular diagnostics - Expands laboratory capacity to develop its own Covid-19 testing kit. Aims to release "research use only" version of Clarigene test by the end of June, with "CE marked vitro diagnostic kit to follow in July 2020".
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InnovaDerma PLC - personal care - UK lockdown hurt second half of year which began in line with expectations. Says direct-to-consumer offering remains "key pillar" of distribution strategy. Reports record April sales for Skinny Tan self-tanner product, with UK online sales up 63% year-on-year. Continuing to monitor impact of Covid-19.
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Uniphar PLC - healthcare services - Sees a EUR5 million hit to annual earnings before interest, tax, depreciation, and amortisation due to Covid-19 disruption, assuming lockdowns ease in June onwards before conditions normalise prior to end of 2020.
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FastForward Innovations Ltd - investor - Says EMMAC Life Sciences investee to manufacture a product for use in Covid-19 trials led by the University of Valencia. Notes another investee Portage Biotech Inc aims to raise USD10.0 million in private placement to develop immune-oncology portfolio, form "one to two new companies" and pursue additional listing on another stock exchange.
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Clear Leisure PLC - investor - Says crowdfunding campaign for B4TECH Srl went live in Clear Leisure investee's ForCrowd Srl platform last Tuesday despite Covid-19 disruption. B4TECH's minimal funding target is EUR250,000.
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Arden Partners PLC - stockbroker - Second half of financial year started well. Requested trustees of its employee benefit trust to distribute 2.9 million shares to company employees. Re-set exercise price of share options to 8.5 pence each. Employees had previously taken salary reduction in wake of Covid-19 crisis.
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FBD Holdings PLC - insurer - Received over 700 claims under business interruption extensions of its insurance policies. Business insurance policies do not cover pandemics. Reports "number of customers" have challenged FBD over wording of policies. Has 1,300 pub customers and hopes to resolve issues with them, adds litigation with three pub customers to be heard in court in October.
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Mortgage Advice Bureau Holdings PLC - mortgage advisor - Notes relaxation of UK lockdown which allow housing market to reopen earlier in May. Says first-quarter was "strong" but two months of lockdown followed. Says advisor numbers stable at 1,476, including 215 who have been furloughed.
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NB Distressed Debt Investment Fund Ltd - investor - Investee Exide Technologies files for protection under Chapter 11 of US bankruptcy code due to Covid-19 pandemic. Exide also plans to sell its Europe, Rest of the World and Americas assets by September. NB notes this will result in 60% decline to its net asset value in ordinary share class.
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Bank of Cyprus Holdings PLC - banking - Reports net interest income of EUR85 million in first quarter, flat year-on-year. Swings to EUR18 million pretax loss before one-off items, from EUR5 million profit. Reported EUR28 million in loan credit losses "reflecting the deterioration of macroeconomic outlook". Efstratios-Georgios Arapoglou re-elected as chair. Lyn Grobler was elected as vice-chair, succeeding Maksim Goldman.
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Westminster Group PLC - security services - Technology division secures contract worth roughly USD665,000 for provision of fever screening systems. Westminster Group says pact is with "global investment management" company and will be completed with "the next few weeks".
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Checkit PLC - cloud-based software - Defers publication of annual results to June 16, and not May 28 as initially planned, due to Covid-19 pandemic. Sales in three months to April 30 up 13% year-on-year to GBP3.5 million. Has continued to furlough some employees and extended pay reduction scheme through to end of June.
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Gateley Holdings PLC - legal services - Covid-19 pandemic hurt growth towards end of year to April 30, but still expects a 4.3% revenue rise to GBP108.0 million from GBP103.5 million. Has increased and extended working capital facilities of up to GBP20 million with lenders. Balance sheet "robust" enough to handle financial strain of Covid-19.
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Empresaria Group PLC - staffing - Remained profitable in April, despite it being the first full-month of virus disruption and net fee income falling 30% year-on-year. Leadership team takes 20% cut in pay and fees. Has modelled "a number of scenarios" and predicts it will have sufficient cash and meet covenants in all but most "severe" forecasts modelled.
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ScS Group PLC - furniture retailer - 80 stores reopened on Saturday following easing of UK lockdown, though stores in Wales and Scotland remain closed due to more stringent measures than those in England.
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Revolution Bars Group PLC - bar operator - Lender NatWest has agreed to provide GBP16.5 million loan as part of UK government's Coronavirus large business interruption loan scheme. Has enough liquidity "for the foreseeable future".
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Marshall Motor Holdings PLC - motor dealer - Notes UK prime minister's announcement that car show rooms can reopen on June 1. Says aftersales facilities have reopened following initial closure due to pandemic, and initial demand is "encouraging".
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Xpediator PLC - freight management - Activity levels lower due to mixed demand amid Covid-19 pandemic, with some sectors struggling but others stronger. Adds too early to provide guidance for full-year.
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Sutton Harbour Group PLC - waterfront regeneration - Revises banking arrangements, revolving credit facility allowed to be extended by GBP2 million to GBP27 million for 12 months, to ease pain from disrupted trading as a result of Covid-19.
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Bibly PLC - building services - Says new debt facilities total GBP9.8 million. Notes first covenant with lenders HSBC will be to achieve minimum Ebitda of EUR1.1 million in year ending March 2021.
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By Eric Cunha ericcunha@alliancenews.com
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