25th Mar 2020 18:17
(Alliance News) - The following is a round-up of updates by UK companies on the impact of the Covid-19 pandemic, issued on Wednesday and Tuesday, not separately reported by Alliance News:
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MJ Gleeson PLC - housebuilder - To temporarily close all sites and cease construction activity in line with UK government guidance. Unable to provide guidance on year ending June 30 and cancelling 12 pence per share interim dividend scheduled to be paid on April 3. Has cash balances of GBP67 million.
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Erris Resources PLC - European minerals explorer - Ceases prospecting and mapping on the Loch Tay gold project in Scotland in line with UK government restrictions. No immediate impact on the planned work in Norway or Sweden. Held around EUR1.3 million in cash.
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Mercia Asset Management PLC - wealth manager - Predicts short-term impact to asset management revenues and portfolio valuations as a result of the drop in asset values across all markets and overall economic conditions. Implementing business continuity plan and supporting portfolio companies in own and third-party managed funds. Forecasts revenue over the next financial year to be lower than originally anticipated. Mercia's medium-term future prospects remain unchanged. Strong balance sheet with GBP30.4 million unrestricted cash as of Friday.
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Polypipe Group PLC - pipes and under floor heating manufacturer - To wind down operations. Supporting UK's National Health Service by manufacturing ventilation systems and special pipe for emergency medical use. Year-to-date trading in line with expectations, with no material impact from pandemic. Decides against providing financial guidance 2020 and beyond. Implementing range of cost savings measures including suspension of final 2019 dividend of 8.1 pence per share. Net debt at GBP150.0 million at December-end. Decides to draw down all but GBP15 million of the unutilised GBP300 million loan facility.
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Bagir Group Ltd - tailoring company - Says orders placed for tailored garments prior to the virus outbreak now put on hold. Temporarily closing manufacturing sites in Egypt and Ethiopia. Reducing workforce and production at Vietnam site.
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SigmaRoc PLC - construction materials group - expects to report a strong performance for 2019, exceeding analyst estimates. Revenue estimated to surge 71% to GBP70 million and underlying operational profits of GBP14 million, up 43%. Preparing operational and financial contingency plans. Remains operational across all its sites.
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Bluefield Solar Income Fund Ltd - investment fund - Reconfirms dividend of 7.90 pence per share for year ending June 30. Says 94% of revenue contracted until the end of financial 2020. Successfully implemented remote working policies for employees.
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Echo Energy PLC - Latin American oil & gas company - Operations at Santa Cruz Sur continuing uninterrupted and production expected to remain in line with the company's expectations. Net production over the period from November 1, 2019, to March 23 reached an aggregate of 351,797 barrels. Received payments totalling USD1.3 million for second February oil cargo. Further USD360,434 in cash receipts expected in the next two weeks. Making progress with cost reduction initiatives at both the Santa Cruz Sur assets and corporate levels. Santa Cruz Sur assets to be cash flow positive at prevailing global oil prices. Seeking deferrals to interest payments to debts.
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Biome Technologies PLC - bioplastics business - Predicts 2019 results to remain in line with the guidance. Delaying 2019 results due to UK Financial Conduct Authority's moratorium. To now hold annual general meeting in June rather than April 23.
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Tlou Energy Ltd - Botswana-focused power company - On Tuesday said it will be implementing significant cost reductions across the company, including reductions in salaries of senior staff. Anticipates increased gas flows from Lesedi 3 and 4 production pods.
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Learning Technologies Group PLC - providing services and technologies for digital learning and talent management - On Tuesday said it will delay publication of 2019 results on FCA's recommendation. Annual revenue to rise 39% year-on-year to GBP130.1 million. Adjusted earnings before interest tax to increase 58% to GBP41.0 million. 2020 started in line with management expectations. Anticipates recurring revenue to continue, but content projects may be delayed. Postpones 0.50 pence per share final dividend and director bonuses to conserve cash.
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essensys PLC - a provider of software-as-a-service platforms - On Tuesday delayed interim results. Estimates 19% year-on-year rise in interim revenue to GBP11.4 million and pretax loss to narrow to GBP100,000 from GBP400,000. Second half started well and trading in trading in line with expectations. Continues to monitor virus impact. Strong liquidity with GBP1.7 million of cash reserves and undrawn revolving credit facility of GBP1.0 million.
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Quartix Holdings PLC - a supplier of vehicle tracking systems - On Tuesday said strong progress continued into 2020, with new installations for the first two months 30% ahead year-on-year. Estimates growth in installations to reduce to 12% by the end of the first quarter.
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By Tapan Panchal; [email protected]
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