(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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Open Orphan PLC - pharmaceutical services - Launches antibody testing service, hVIVO Covid Clear Test, following the successful completion of installation, testing and training. Test will be offered to large employer groups and channel partners including GP networks, nursing services, health clinics and private hospitals. Samples will be tested in the company's London laboratory with results returned within 48 hours.
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PureTech Health PLC - biotherapeutics - Founded entity Follica reports positive feedback from an end of Phase 2 meeting with the US Food & Drug Administration for its lead programme to treat male androgenetic alopecia. Follica plans to advance the programme into phase 3 development in 2020 following the successful safety and efficacy optimisation study announced in December 2019.
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Hutchison China Meditech Ltd - biopharmaceutical - Independent Data Monitoring Committee of the Frutiga study of fruquintinib has completed a planned interim data review and has recommended continuation of the trial. Frutiga is a phase III trial in China of fruquintinib in combination with paclitaxel in the treatment of patients with advanced gastric adenocarcinoma or gastroesophageal junction adenocarcinoma who have progressed after first-line standard chemotherapy.
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Oncimmune Holdings PLC - immunodiagnostics - Revenue to be in line with market expectations for year to May 31, with further strong growth expected in financial 2021. Cash at year-end expected to be GBP4.2 million and net debt of GBP3.1 million. Next 18 months expected to create substantial revenues within the EarlyCDT product business. Pipeline of contracts within the ImmunoInsights services business building. Geoffrey Hamilton-Fairley, non-executive vice chair; Julian Hirst, independent non-executive director; and Carsten Schroeder, independent non-executive director, have stepped down with immediate effect following board restructuring.
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Loungers PLC - bars and restaurants - Opened 17 sites for take-out and will open a further 10 sites on the same basis over the next week. Choses not to go down the delivery route. Looking to trial order-at-table technology and considering menu size. Plans to trial going cashless after re-opening. Anticipating some of sites being allowed to open in July. Expects to trade profitably with social distancing rules in place.
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Personal Group Holdings PLC - employee benefits - Too early to accurately assess eventual impact of Covid-19 on the company. Made an encouraging start to 2020. Switched salesforce to telesales to retain and recapture insurance policyholders. Introduced new company-wide pandemic insurance product for clients. Paying out on Covid-19 claims and supporting bereaved families and hospitalised policyholders. Negotiating significant potential new Let's Connect and Insurance clients.
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XP Power Ltd - power control components - All manufacturing and logistics facilities currently operational. Operational performance continuing to improve following the extended shutdown of Chinese manufacturing facility in February, and the associated supply chain challenges. Local supply chains in China and Vietnam are working at pre-Covid-19 capacity levels. Trading during April and May encouraging. Order intake in April and May continues to be strong. Sees exceptional levels of demand from its Healthcare customers. Expects this demand to normalise in second half of 2020. Revenue for five months to May-end up 7% year-on-year at GBP86.3 million. Year-to-date orders up 52% at GBP128.0 million. Net debt GBP38.0 million at May 31. Good near-term visibility due to strong order book.
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Randall & Quilter Investment Holdings Ltd - insurance - Completes loss portfolio transfer from Houston International Insurance Group. Agreement provides reinsurance protection and limited adverse development cover for circa USD95 million of net reserves of three companies in Houston International - Houston Specialty Insurance Co, Imperium Insurance Co and Great Midwest Insurance Co. The reserves relate to the companies' 2017 and prior policy years for certain portfolios.
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Clear Leisure PLC - investments - Shareholder Eufingest SA agreed to extend repayment of loans worth EUR3.9 million and GBP30,000 to September 30 or such earlier date as may be agreed with Clear Leisure.
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Kazera Global PLC - investment - Acquires a controlling interest in a near-term producing diamond mine and in a heavy mineral sands opportunity in South Africa. To buy a 90% stake in Deep Blue Minerals (Pty) Ltd and a stake in Whale Head Minerals (Pty) Ltd. Acquisition cost of the stake in Deep Blue Minerals is GBP600,000 funded via issue of 120 million ordinary shares at 0.5 pence each. To buy a stake in Whale Head Minerals representing 90% of its issued capital. To assume USD500,000 of liabilities from the vendor of the shares in Whale Head Minerals.
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Cluff Natural Resources PLC - natural resources investments - Fully committed to drilling Pensacola and Selene prospects in UK North Sea. To begin farm-out process on a further two of its licences in the second half of 2020. Applied for multiple licences in the UK 32nd offshore licensing round, with results expected this summer. In a strong financial position with cash of GBP13.2 million as at March 31. Will review opportunities, including the potential to acquire cash generative production portfolios. To seek shareholder approval to rename itself Deltic Energy PLC.
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Pure Gold Mining Inc - mining - Drilling restarts at PureGold Red Lake mine in Red Lake, Canada. Over 30,000 meters of diamond drilling, including both underground and surface drilling, is planned to optimize the near term mine plan, expedite the growth of our mineral resources and aggressively expand new high-grade discoveries. Over 30,000 meters of diamond drilling, including both underground and surface drilling, planned to optimize the near term mine plan, expedite the growth of our mineral resources and aggressively expand new high-grade discoveries.
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Hummingbird Resources PLC - gold mining - Inks earn-in agreement with ARX Resources Ltd for the company's Dugbe Gold project located in Liberia. Pact requires ARX completing a definitive feasibility study, carry out a significant exploration programme and cover all project costs over the two year earn-in period. Earn-in entitles ARX to earn up to a 49% interest in the project, and includes the payment by ARX to Hummingbird of a non-refundable deposit of USD2 million. Hummingbird secures the right to acquire an exploration licence in Liberia, which is surrounded on all sides by the company's existing mineral development agreement.
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Blackbird PLC - cloud video editing platform - Sports and live event production specialist Whisper has chosen Blackbird to drive major video production efficiencies for its clients, including Formula One. Whisper production team will use Blackbird's toolset to remotely edit and enrich documentaries, interviews and behind-the-scenes long form content.
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Codemasters Group Holdings PLC - video games - To release Project CARS 3 game in late summer 2020 for PlayStation 4 and the Xbox One family of devices.
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Elecosoft PLC - architectural and engineering software - Revenue for four months to April 30 down 3% year-on-year. Recurring maintenance, support and subscription revenue 6% higher. Pretax profit up 25% year-on-year. Net cash of GBP3.1 million at April 30.
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CyanConnode Holdings PLC - machine-to-machine communication - Substantial contract from Indian utility, Jaipur Vidyut Vitran Nigam Ltd, relating to two projects, which had been delayed, has now received the necessary approvals to resume the implementation. Further steps taken to reduce cost base amid virus disruption. Thai contract continues to meet project deliverables and payments were received from the customer at the end of March and May.
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Van Elle Holdings PLC - ground engineering - Appoints former Galliford Try PLC's chief financial officer Frank Nelson as a non-executive director and chair designate, replacing outgoing Adrian Barden. April trading consistent with revised assumptions, with revenue at 20% of pre Covid-19 forecast levels. Revenue for year to April 30 down 4% year-on-year at GBP85 million. To report an underlying pre-tax loss for financial 2020 due to a significant adverse impact from virus outbreak. Not appropriate to reinstate guidance for financial 2021. Customer activity levels beginning to increase. Order book at April 30 in line with the half year position at GBP31.7 million, although enquiry levels have reduced by circa 20% compared to previous levels. Cash of GBP12 million at May 31. In talks for additional debt facilities.
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Dillistone Group PLC - recruitment technology - Gets GBP1.5 million under UK government's coronavirus loan scheme. To use loan for working capital purposes, including development of existing and new products. Range of likely outcomes for 2020 has significantly improved. Too early to quantify the impact of the pandemic over 2020, however, the most likely outcome for first half will be a small loss.
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By Tapan Panchal; tapanpanchal@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Xp Power (XPP)
Hutchmed (HCM)
Elecosoft (ELCO)
Hummingbird (HUM)
Oncimmune (ONC)
Personal Group (PGH)
PureTech (PRTC)
Cyanconnode (CYAN)
R&Q Insurance (RQIH)
Dillistone (DSG)
Kazera Global (KZG)
Blackbird (BIRD)