3rd Apr 2020 11:41
(Alliance News) - The following is a round-up of updates by UK companies on the impact of the Covid-19 pandemic, issued on Friday and not separately reported by Alliance News:
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Bagir Group Ltd - tailor - Trading suspended on AIM as existing orders placed on hold or cancelled by customers, giving limited visibility on future revenue and customer payments. As a result, company does not have enough cash to continue operating as a going concern. Board now assessing options.
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Salt Lake Potash Ltd - potash production - All contact with local Wiluna community in Western Australia ceased. Use of airport unaffected, continues to support business. Off-lake civil construction earthworks at Lake Way Project complete. First revenue expected in first quarter of 2021.
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DP Aircraft I Ltd - aircraft leasing - Suspends the payment of dividends, as discussions ongoing with Norwegian Air on its lease obligations involving two aircraft.
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Cenkos Securities PLC - stockbroker - Defers release of results for 2019 from original date of December 31, but expects to report continued profitability based on strong second half performance. Continuing operations as normal despite staff working remotely.
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Anexo Group PLC - credit hire and legal services - Delays publication of 2019 results in line with UK FCA request. Pretax profit expected to be in line with expectations. Defers decision on 2019 dividend payout, as well as proposed opening of new Leeds office. Performance in 2020 to date in line with expectations.
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Minoan Group PLC - resort development - Project in Crete not "unduly" affected by Covid-19 outbreak, but company's cash position constrained, and in discussions with loan provider for extension or settlement and restatement. Will publish results for year ended October 31 in April.
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Fox Marble Holdings PLC - marble quarrying - Operations in Kosovo deemed essential and allowed to continue, but with operations scaled back to specific projects. Operations in Macedonia significantly scaled back, as demand falls due to travel restrictions in China and Europe. Board to not take salary or fees until operations resume. London head office staff furloughed.
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Ceiba Investments Ltd - investment in Cuban real estate and tourism - Will not declare dividend for 2019, and withdraws guidance for future performance. Investee Miramar SA to close all hotels and substantially decrease its workforce. Investee TosCuba to lower capital expenditure on hotel construction in Trinidad, Cuba
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Clontarf Energy PLC - oil & gas - "High level" discussions over projects in Ghana and Bolivia postponed. In Ghana, ready to initiate Tano 2A work programme once petroleum agreement is signed and funding secured. In Bolivia, holding discussions with new interim government for proposal on medium-sized salt-lakes.
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ReNeuron Group PLC - cell-based therapeutics - Continues internal research projects. Initiates one such programme for utility of company's exosomes in increasing the potency of SARS-CoV-2 coronavirus vaccines. Clinical studies in US now subject to delays.
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SME Credit Realisation Fund Ltd - credit investment - To continue cash return to shareholders on quarterly basis, paying quarterly dividend of 1.3125p per share in May. Delays publication of net asset value as at March 31, and suspends share repurchases until NAV is published. Sale of portion of assets delayed.
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Adriatic Metals PLC - metals exploration - Exploration activity for Vares project in Bosnia & Herzegovina slightly delayed, but ongoing. Pre-development work continues, but considering deferral of pre-feasibility study to allow additional drilling to be added to an updated mineral resource estimate.
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XP Power PLC - critical power components manufacturer - All manufacturing facilities remain operational, as volumes in China recover from February lows, and Vietnam factories operate at normal levels. For first quarter to end of March, revenue up 5% to GBP19.1 million, and orders up 34% to GBP73.1 million. Withdraws final dividend payout of 36p per share.
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MediaZest PLC - audio-visual services - Now expects to report post-tax loss for six months ended March 31, as lockdown measures lead to deferred and delayed projects, taking a toll on trading. Expects Covid-19 disruption to last for six months at a minimum and will work to cut costs, wherever possible.
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Henry Boot PLC - construction - Closes all sales centres and pauses all construction work aside from sites vital to the NHS. Suspends all existing guidance for future performance.
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Intelligent Ultrasound Group PLC - healthcare-focused AI software - Installs BodyWorks Point-of-Care ultrasound simulator alongside Covid-19 lung ultrasound module in NHS Nightingale Hospital at the ExCel exhibition centre in London. The exhibition centre in the Docklands, east London, has been converted into a temporary hospital, with space for 4,000 beds, to treat victims of Covid-19.
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Clipper Logistics PLC - logistics services - Wins contract to establish supply chain for personal protective equipment products delivery to NHS Hospital Trusts and other healthcare providers across the UK.
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Oracle Power PLC - energy development - Anticipates no significant negative impact on the timelines for the development of Thar Block VI in Pakistan.
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OneSavings Bank PLC - mortgage lending - Cancels payment of final dividend for 2019 of 11.2 pence per share.
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By Dayo Laniyan; [email protected]
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