(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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Air Partner PLC - aviation services - April was a record trading month and business has continued to perform well ahead of budget in May. Underlying pretax profit of GBP7.5 million for the first four months of 2020, predominantly driven by high levels of activity in Freight and Charter divisions. Forward order book for June is strong, with continued demand for Freight and Charter services. Seeing some early signs of recovery within Private Jets and Safety & Security.
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Tricorn Group PLC - tube manipulation - Chinese joint venture continues to operate normally following the reopening of on February 15. Seeing disruption elsewhere within the company due to the virus outbreak. UK and US facilities reopened from 20 April onwards after temporarily closing in late March. Using UK and US government's job retention schemes and availed GBP1.0 million funding through UK government's coronavirus loan scheme. Revenue and earnings before interest, tax, depreciation and amortisation for six months to March 31 to be 20% and 87% lower than in the six months ended September 30, 2019. Cash headroom of GBP1.8 million at June 1.
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Property Franchise Group PLC - estate agency - Resumes all sales and lettings activity. Property management revenue continued throughout the last three months.
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Luceco PLC - LED lightning and wiring accessories - Sees improvement in trading performance. Revenue for three months to March 31 down 10% year-on-year due to coronavirus-driven supply chain issues. Second-quarter started at a run rate of 50% lower than 2019 due to lockdowns. Profitability protected in both quarters by stringent and progressive overhead reduction. Adjusted operating profit for six months to June 30 to be at least in line with GBP7.2 million recorded a year ago, with double-digit adjusted operating margin. Expecting to be cash generative in the first half. Annual guidance will be given as soon as it can be reasonably assessed.
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Angus Energy PLC - oil producer - Submitted application to Lincolnshire County Council relating to the 750 metre extension of the pipeline to the National Grid terminal. Application continues to incorporate the use of Hydrogen-ready high-pressure pipework and the routeing of the line retains the optionality to connect, via a further third party pipeline, to the Humber refinery in north Lincolnshire, UK.
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Good Energy Group PLC - renewable energy - No significant financial impact from coronavirus outbreak to date. Cash collection to date in line with normal seasonal expectations. Kraken customer service system implementation and associated operating model transformation progressing as planned, with almost two-thirds of customers now successfully migrated onto the new platform. Generation assets continue to perform well. Defers 2019 employee bonus.
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Metal Tiger PLC - natural resources investor - Buys 100,000 shares in Sandfire Resources Ltd at an average price of AUD3.06, around GBP1.69, per share. Sold 340,000 Sandfire shares at an average price of AUD4.14 per share. Owns 3.6% stake in Sandfire.
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Amigo Holdings PLC - subprime lender - Shareholder Richmond Group Ltd, in line with relationship agreement, agreed against voting in favour of the resolutions to appoint Sam Wells and Nick Makin as directors of Amigo and to remove each of the current members of the board. Amigo has agreed to stay its injunction application filed against Richmond. Notes statement by Richmond's Chair and controlling shareholder James Benamor over potential sale of Richmond's entire stake in Amigo. Contacting Richmond to better understand the terms of the stake sale.
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Secure Income REIT PLC - real estate - Creditors Voluntary Arrangement filed by Travelodge Hotels Ltd will result in a GBP23.4 million rent reduction, equivalent to a total of 10 months' rent spread for two years across the company's entire 123 hotel Travelodge portfolio. Proposed rent reductions represent 68% of rents otherwise receivable from Travelodge from April 1 to December 31 and 26% throughout 2021. Rents will be restored thereafter to the levels set out in the existing leases. Travelodge CVA has no proposed hotel closures or permanent rent reductions that persist beyond December 31, 2021. Leases relating to GBP23.5 million of the current passing rent on the hotels will be extended by three years and GBP1.5 million of the current passing rent by five years.
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LXI REIT PLC - real estate - Notes Creditors Voluntary Arrangement filed by Travelodge Hotels Ltd. has let or pre-let 12 hotels to Travelodge, representing 10% of the annual contracted rents. Will scrutinise CVA proposals to protect the company's position. Travelodge CVA will reduce annual contracted rent by 4.6% in year to March 31, 2021; a reduction of 2.9% in financial 2022 and a return to the full annual contracted rent in financial 2023. Travelodge CVA has no impact on quarterly dividend guidance.
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By Tapan Panchal; tapanpanchal@alliancenews.com
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Angus Energy (ANGS)
Propty Franchis (TPFG)
Amigo (AMGO)