(Alliance News) - The following is a round-up of updates by London-listed companies on the impact of the Covid-19 pandemic, issued on Monday and not separately reported by Alliance News:
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Science Group PLC - science and technology-based consultancy - Sagenta Ventilator unlikely to be manufactured as UK regulator MHRA vows not to accept new applications under new Covid-19 ventilator initiative. However, Sagenta Ventilator is "suited for use in developing countries". Funding for materials procurement given in advance plus Science Group expects all other costs to be reimbursed. April trading in line with expectations, April 30 gross cash GBP17.5 million, net cash GBP1.5 million. Bank loan topped up to GBP17.5 million maximum.
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Hargreaves Services PLC - industrial and property services - All businesses except Property in line with expectations. Land sales to Bellway Homes and Cruden Homes delayed to next financial year, having originally been set to complete in May 2020. No definitive timescale possible on these sales. Exchanges first major commercial contraction on south Yorkshire development Unity, selling 32 hectares to undisclosed "national developer" to realise approximately GBP25 million in revenue.
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Northbridge Industrial Services PLC- industrial services and rental - First quarter in line with management expectations, though some weakness near quarter end. Factory production mostly maintained with record sales orders for 2020. Liquidity improved since 2019 end, additional facility funds drawn where possible and all senior staff on 20% pay cut for 3 months. All cost saving measures to save around GBP500,000. Volumes lower but demand still firm and most projects postponed not cancelled. Second and third quarters to be most hit by Covid-19.
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Manolete Partners PLC - litigation financing - Performing well as Covid-19 crisis develops, March and April case enquiries in line with pre-virus levels and "significantly ahead" of 2019 enquiry levels. New signed cases also aligned with pre-Covid levels and higher than year before.
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Beximco Pharmaceuticals Ltd - medicines manufacturer and exporter - Manufacturing operations unaffected by pandemic but with some international distribution network and supply chain disruption. No immediate major raw materials shortage expected. First three quarters of financial year strong but fourth quarter to show some impact. Growth still forecast for year ending June 30 versus prior year but less than had been expected. Third quarter results delayed.
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Union Jack Oil PLC - onshore hydrocarbon production, development and exploration - West Newton works programme in East Yorkshire moving forward, in line with Covid-19 government guidance, after positive decision. Union Jack licence interest 17%. Permit variation secured from UK Environment Agency on April 24 and well test at West Newton A to begin when staff and equipment available. West Newton B pre-construction ongoing with work on access track begun. Oil and gas investor Reabold Resources PLC, with effective 39% licence interest, notes the update.
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Carclo PLC - plastic parts manufacturer - Annual results for year ended March 31 to align with expectations. Technical Plastics and Aerospace units strong while LED division exit complete. Debt at March end GBP25.8 million, down from GBP31.7 million September 30. Covid-19 impact "more extensive" in first quarter of financial 2021 but most sites still operational. Profitability will suffer as social distancing guidelines and shutdowns, while limited, hurt efficiency. Board take 20% fee and salary cut in first financial quarter. Carclo still on talks with lending bank, pension trustees, over long-term financing. Near-term guidance impossible, annual results publication delayed past June 30.
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Polar Capital Global Financials Trust PLC - UK investment trust - Dividend for current financial year to be maintained at equivalent level to prior year. Reserves may be used to support payout when underlying portfolio performance below expected income returns. Fund Manager will assess portfolio's structure and long-term capability as well as considering future distribution level.
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By Anna Farley; annafarley@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Carclo (CAR)
Polar Capital (POLR)
Science Group (SAG)
Hargreaves Serv (HSP)
Union Jack (UJO)
Beximco Pharma (BXP)
Manolete Partn. (MANO)