UK TRADING UPDATE SUMMARY: Kromek To Make 2,000 Ventilators For UK

Wed, 15th Apr 2020 14:32

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

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Kromek Group PLC - medical technology - Will manufacture medical ventilators in UK under license from Japanese supplier Metran Co Ltd. Expects to begin production before end of April and to produce 2,000 ventilators within 12 weeks to help with the health crisis.

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Diurnal Group PLC - pharmaceuticals - Yet to experience any delays to regulatory process for Chronocort medication for congenital adrenal hyperplasia, an adrenal gland disorder. Revenue for Alkindi cortisol shortage drug in line with board expectations.

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Tissue Regenix Group PLC - medical devices - Secures USD629,000 US government loan with two-year term and 1% interest rate. Says first-quarter revenue jumped 18% year-on-year despite January cyber security incident in San Antonio facility in January.

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Columbus Energy Resources PLC - oil and gas - Says executive management taking no salary for three months, employees taking 40% pay cut and 15% of workforce laid off.

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Regal Petroleum PLC - gas producer - Expects no material disruption from Covid-19. Reported year-on-year first quarter output rise of 4.7% to 4,508 barrels of oil equivalent per day.

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Echo Energy PLC - oil and gas - Cuts Santa Cruz Sur, Argentina monthly costs by 50%. Suspends completion of inflow testing of Campo Limite well amid travel restrictions due to virus.

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URU Metals Ltd - exploration and development - Says environmental impact assessment phase of project in South Africa delayed due to Covid-19 lockdown. Application will continue when curbs lifted. URU preparing application for EIA phase extension.

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Rainbow Rare Earths Ltd - rare earth elements miner - Says import and exports of goods in Burundi permitted through land border with Tanzania. Exported further 100 tonnes of concentrate from Gakara rare earths mine in Burundi.

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Ncondezi Energy Ltd - coal miner - Warns timetable of coal mine in Tete, Mozambique subject to delays due to Covid-19. Expects tariff negotiations with energy company Electricidade de Mocambique to be concluded in second quarter of 2020.

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Chaarat Gold Holdings Ltd - gold producer - To raise USD12 million through placing. Largest shareholder Labro to invest USD10 million. Board members, senior management, the company's largest institutional shareholder, and other existing investors have agreed to subscribe for at least USD2 million.

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Velocys PLC - fuels technology - Accepted for USD709,000 loan from US government's Covid-19 pay-check protection programme. Loan carries 0.98% interest and two-year maturity.

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Solid State PLC - electronic components - Designated a key business by UK government so manufacturing sites still in operation. Expects full-year revenue close to consensus forecast of GBP68 million and adjusted pretax profit about 10% higher than GBP4.2 million forecast.

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Pebble Beach Systems Group PLC - content management software - To release 2019 results on April 30 following delay due to Covid-19. Non-Executive Director Robin Howe to step down and Iomart PLC Chief Financial Officer Richard Logan to join board on May 1.

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Beeks Financial Cloud Group PLC - cloud computing - Says minimal impact from Covid-19 so far, with new business continuing to grow. Acquires UK-based network monitoring firm Velocimetrics Ltd for GBP1.3 million.

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Telit Communications PLC - internet of things - Seeing slowdown in demand due to pandemic. But still expects annual revenue growth. Launches cost-cutting plan, including 15% salary reduction among senior staff.

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Prime People PLC - recruiter - Furloughs roughly 40% of workforce, reducing discretionary spending and managing cash. Says demand has reduced amid Covid-19.

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Driver Group PLC - consultant - Reports first half was not hurt by outbreak and expects to meet underlying pretax profit forecasts. Planning for future virus impact on activity levels. Will not pay interim dividend, postpones non-essential spend, and draws down full GBP3.0 million revolving credit facility.

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CEPS PLC - investor - Says its subsidiaries are seeking rent deferments and furloughing staff where possible. CEPS board taking pay cuts or deferring salary.

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U&I Group PLC - regeneration and development - Says project timelines hit by Covid-19, as they were with Brexit and UK general election. Expects annual gross development and trading gains of roughly GBP16 million, below previous GBP35 million to GBP45 million guidance. No longer recommending final dividend and withdraws guidance.

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Picton Property Income Ltd - property investor - Collected 71% of March rent in England and Wales, compared to 95% in year prior. Refurbishment work at Stanford Building in Covent Garden halted in line with UK government guidelines for social distancing. Has no plans to furlough staff or pursue government financial assistance.

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Yew Grove REIT PLC - real estate investment trust - Hails "robust" first quarter rent collection and second quarter in line with expectations.

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OnTheMarket PLC - property portal - Has furlough 32 staff, representing 22% of workforce. Cutting discretionary marketing spend. Continuing with 33% listing fee discount on agents using portal.

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Live Co Group PLC - live events - Has furloughed roughly 50% of staff and all staff earning over GBP2,500 to take 25% pay cut in April and 50% reduction in May. Targeting GBP250,000 in annual savings through redundancies. Says no BRICKLIVE lego brick events cancelled but some postponed.

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GYG PLC - super yacht maintenance - Agrees with its lenders to reschedule payment of GBP4.0 million loan which was due for repayment in March 2021. Has restarted operations in Barcelona as lockdown measures eased.

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By Eric Cunha; ericcunha@alliancenews.com