UK TRADING UPDATE SUMMARY: Avacta, Genedrive Progress With Virus Tests

Fri, 01st May 2020 13:28

(Alliance News) - The following is a round-up of updates by London-listed companies on the impact of the Covid-19 pandemic, issued on Friday and not separately reported by Alliance News:

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Avacta Group PLC - biotherapeutics - Partnering with US-based Adeptrix to develop Covid-19 antigen test.

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Genedrive PLC - molecular diagnostics - Says development of SARS-CoV-2 testing kit passes manufacturing milestone. On track for CE marking in roughly three weeks.

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Inspiration Healthcare Group PLC - medical equipment - Says first consignment of ventilators arrived from supplier to the UK to be used by NHS.

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Frontier IP Group PLC - investor - Molendotech investee secures GBP425,000 in equity raise to fund development of rapid testing product for harmful bacteria. Says product receiving interest from potential customers attempting to tackle Covid-19.

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Catenae Innovation PLC - digital media - Builds data-protection compliant platform named Cov-ID to track user's Covid-19 test status. Expects project to enter trialling and finalisation phase in mid-May.

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Shield Therapeutics PLC - pharmaceuticals - Says manufacturing partners for Feraccru iron deficiency product continuing to work undisrupted. Too early to say whether sales in Germany and UK will hurt by Covid-19.

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Metals Exploration PLC - exploration and development - Operations in Philippines reduced to minimum to obey government measures. Says supply chain interruptions have meant some equipment deliveries delayed.

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Angus Energy PLC - oil and gas development - Says work to restart gas production at Saltfleetby continuing on schedule. In April sent tenders to bidders for various items for gas production at site. Says delaying bidding deadline due to Covid-19.

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Rose Petroleum PLC - oil and gas - Taken action to cost cuts amid virus and failed OPEC talks causing crude market turmoil. Directors taking 50% salary cut. Seeking shareholder approval for name change to Zephyr Energy PLC following restructuring last year.

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Rainbow Rare Earths Ltd - rare earth element miner - Says Gakara operations in Burundi continued mostly unhampered by Covid-19. Says 100 tonnes of concentrate reached Dar es Salaam, Tanzania by road due to air travel restrictions. Work continuing for maiden JORC resource.

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Igas Energy PLC - hydrocarbon producer - Shutting down some operations in May and June due to low oil price and market volatility. Closure to reduce production by about 600 barrels of oil equivalent per day. Will save roughly GBP500,000 in costs over the two months.

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Petra Diamonds Ltd - diamond miner - Says South African operations scaled up to 50% capacity as lockdowns ease. Says 3.8 million carats production guidance remains suspended. Chief executive and finance director take 25% salary cut.

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Ferro-Alloy Resources Ltd - vanadium mining - Says full-year results delayed amid UK Financial Conduct Authority moratorium. Production of acid-recoverable concentrates temporarily suspended due to Covid-19; other operations continue but at slower pace.

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Thor Mining PLC - tungsten explorer - Reducing costs and taking advantage of Covid-19 financial aid by Australian government.

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Lekoil Ltd - oil producer - Defers final USD7.6 million tranche of payment to Optimum Petroleum Development Co to cover costs at OPL 310 License. Payment now split into three tranches, starting with USD1.0 million in July before USD2.0 million in September.

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Danakali Ltd - potash producer - Says on-site activities in Eritrea suspended due to Covid-19. Expecting reduced costs in second quarter due to savings.

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Prairie Mining Ltd - coal developer - Poland operations limited as a result of pandemic travel restrictions.

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Bisichi PLC - miner - Says 2019 results delayed beyond April 30, after UK financial regulator allowed an extra two months.

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Salt Lake Potash Ltd - potash producer - Says virus has not had material impact on project schedules; operational changes in place to minimise Covid-19 impact. Directors and executives take 40% pay cut to save costs.

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Riverstone Credit Opportunities Income PLC - investor - Fair value of portfolio down 4.1% on March 31 from December 31 due to Covid-19 market turmoil and volatile commodity prices.

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Princess Private Equity Holding Ltd - investor - Says March 31 net asset value returns negative 14.1% in March alone and negative 14.8% in first quarter amid Covid-19 impact on markets.

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Arden Partners PLC - stockbroker - Says start to six months to April 30 was strong, despite UK political uncertainty amid Brexit and general election. Equity trading operation suffered "material losses" amid market response to virus. Says annual costs to be 25% lower year-on-year and board taking 40% salary cut. Some staff furloughed.

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James Cropper PLC - paper and advanced materials - Adjusted pretax profit for year ended March 28 to be in excess of GBP6 million, ahead of market expectations. Reports virus has reduced product demand across all divisions.

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Brickability Group PLC - construction materials - To begin re-opening of sites from Friday onwards.

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Quadrise Fuels International PLC - heavy fuel oil alternatives maker - Says GBP500,000 of cost savings achieved, meaning it can operate until second quarter of 2021 based on existing funds. Says operations continuing to "very good effect" despite Covid-19 restrictions.

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HML Holdings PLC - property services - Says profits for year ended March 31 slightly behind management expectations. Does not anticipate long-term impact from Covid-19, but sees reduction in ancillary revenue streams in the short-term.

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SpaceandPeople PLC - retail space selling and marketing - Reports GBP1 million funding application under UK's coronavirus business interruption loan scheme is successful.

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Bonhill Group PLC - media firm - Biggest impact from pandemic has been on events business. Says most events moved to second quarter. Furloughs 10% of UK workforce, reduces hours and implementes hiring freeze. Says cost cuts have led to savings of GBP2.5 million.

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Frontier Developments PLC - video game developer - Says lockdowns boosting demand and video game sales rising. Expects revenue for year to May 31 at top end of GBP65 million and GBP73 million range.

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By Eric Cunha; ericcunha@alliancenews.com