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    ASETEK A S

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    ASETEK A S

  • 01 Apr 20
Cenkos: RA International Group Plc -- Covid-19 delays but robustly positioned

RA's core business activity is the provision of remote site and mission critical life support services in many challenging locations around the world, often in very difficult circumstances. RA remains well placed to continue to operate successfully during this Covid-19 uncertainty though in recent days it has become clear that some customer projects will be delayed. With the timing of delivery of some contracts in 2020 uncertain we are temporarily withdrawing our 2020 forecast. With its rapid deployment capability, RA has coped well with contract delays before. Recent FY19 guidance has indicated revenue ahead of expectations, demonstrating a significant delivery of revenue during H2/19 vs H1/19. We remain Buyers given RA's demonstrably strong balance sheet, NGO, governmental and global corporation client base. Given its operating capabilities with long-term supply chain planning, we anticipate RA should quickly return to normal operating levels once the Covid-19 spread and resultant restrictions subside.

Companies: RA International
  • 01 Apr 20
Net cash position supports near term outlook

Today’s year end update highlights that FY20 trading was broadly in line with expectations. The Group has experienced a reduction in demand over the last week as a result of the implementation of more stringent lock down measures. In response, management has postponed all non-essential work, furloughed staff, and deferred 20% of the pay of employees who have not been furloughed, including management. These actions have materially reduced the monthly overhead. The update also confirms receipt of £16.8m of proceeds for the asset disposal, leaving the Group with a cash balance of £5.6m (pre-IFRS16) and no debt. We believe the Group is very well positioned to navigate the impact of COVID-19 and well placed to benefit from a more positive medium term outlook as the market backdrop improves.

Companies: Fulcrum Utility Services
  • 30 Mar 20
Cenkos: OPG Power Ventures Plc -- COVID-19 Update

The Indian Government and Reserve Bank of India has announced several relief packages to combat the adverse impacts of COVID-19 and the lockdown implemented last week. The lockdown encompasses all non-essential industries and has resulted in OPG's industrial customer shutting down operations and reducing their short-term demand levels. As a result of the current market uncertainty, we are withdrawing our forecasts from the market and move our recommendation to Under Review until macroeconomic conditions stabilise. We believe OPG's strong portfolio of customers from diverse industries will enable it to quickly revert to normal operating levels once the situation improves.

Companies: OPG Power Ventures
  • 01 Apr 20
Cenkos: Marlowe Plc -- Positive trading update

Marlowe has confirmed that trading for FY20E was in-line with market expectations. Whilst COVID-19 has meant that the company has been unable to enter certain sites, Marlowe expects this to largely be recovered once normal site access resumes, given the regulatory-driven nature of activities undertaken. The disposal of non-core assets is offset by EBITDA from recent bolt-ons. We reiterate our Buy recommendation.

Companies: Marlowe
  • 02 Apr 20
Business update

Flowtech has released an update post its Q1 detailing the impact from COVID-19 and the actions the Board has taken. Trading over the first three months of FY20 was in line with guidance provided in the February update. However, the impact of COVID-19 in the final few weeks indicate that trading in the early part of Q2 will be impacted. Currently revenue is 30% below expectations with the potential for a further deterioration. The statement indicates that the business is relatively resilient and that a sustained 35% fall in revenue would leave the business breakeven, on the assumption that Government support in the UK, Netherlands and the Republic of Ireland is utilised. Balance sheet liquidity is c. £9.4m on £25.0m facilities recently extended to June 2021. In addition, and in line with what many companies have announced, the final dividend for FY19, ZC estimate 4.3p, will be suspended to conserve cash. We leave forecasts in FY20 and FY21 unchanged for the time being, until there is greater clarity on trading.

Companies: Flowtech Fluidpower
  • 26 Mar 20
Somero Enterprises

Trading below its 5-year PE low, compelling entry point

Companies: Somero Enterprises
  • 03 Apr 20
XP Power - Healthcare customers boost Q1 book-to-bill

XP Power’s Q1 trading update confirmed that revenues increased 4% y o y/q o q and the Chinese facility has returned to normal staffing levels. Strong demand, mainly from healthcare customers, saw a 25% q o q increase in orders and a Q1 book-to-bill of 1.49x. Despite strong Q1 demand, the level of uncertainty surrounding both supply and demand for the rest of the year has caused XP to cancel its previously proposed Q419 dividend in order to preserve cash. We maintain our revenue forecasts, but factor in higher costs in FY20 and remove our Q419 and Q120 dividend estimates.

Companies: XP Power
  • 30 Mar 20
LIBERUM: Kier Group - COVID statement highlights essential services

Sites at Kier were paused for a day, but 80% have re-opened. The government is the key customer and is supportive.

Companies: Kier Group
  • 02 Apr 20
Norcros - FY20 outturn affected by COVID-19

The developing coronavirus pandemic has affected year-end trading for Norcros, with an indicated c £4m impact on EBIT. Operational shutdowns mirroring those of its customers have been undertaken and, as elsewhere, actions to preserve cash are being taken. The company has up to c £110m headroom under existing banking facilities representing a strong year end liquidity position. Forward guidance and our estimates for FY21 onwards have been withdrawn pending greater clarity on the scale and duration of the lockdown conditions being widely enacted currently.

Companies: Norcros
  • 03 Apr 20
Anexo Group*

Positive trading update

Companies: Anexo
  • 30 Mar 20
Macfarlane Group*

COVID-19 Update

Companies: Macfarlane Group
  • 01 Apr 20
THE MONTHLY April 2020


Companies: AVO AGY ARBB ARIX BUR CMH CLIG DNL GDR HAYD PCA PIN PHP RE/ RECI RMDL STX SHED VTA

  • 03 Apr 20
Cash remains king

Anexo’s trading update confirms that FY 2019E adjusted PBT will be in line with market expectations but that forward guidance is withdrawn given the current uncertainty over COVID-19 – although trading so far in FY-2020 looks relatively unaffected. Accordingly, we make no changes to our FY 2019E numbers and withdraw those for future years until the outlook is clearer. The timing of the FY 2019E results announcement will be confirmed in due course. Like others, Anexo is taking measures to preserve cash. Crucially, it continues to operate as an essential business under the current government restrictions. Staff are following the appropriate guidelines while providing a service to many key workers. Obviously, there is uncertainty over the long term impact of COVID-19 and therefore the focus on collections remains vital. In our view, the group remains in a strong position to drive cash out of its backlog of cases without necessarily committing further new working capital.

Companies: Anexo
  • 31 Mar 20
Cash rich, asset light

Xpediator has issued a COVID-19 related trading update. The key messages are reassuring: the business has a strong balance sheet and is asset light, trading is in line with internal budgets and the group has begun to see activity returning from its Chinese customers following an understandably difficult January and February. Some businesses are performing ahead of expectations, but where the reverse is true, early action is being taken on costs.

Companies: Xpediator
  • 01 Apr 20
Cenkos: Fulcrum Utility Services Ltd -- Progressing until coronavirus hit

There are signs of Fulcrum's recovery through H2/20E in today's update, but the UK's shutdown in response to Covid-19 has now put progression temporarily on hold. With the majority of projects currently delayed, trading over FY21E is likely to be adversely affected. The group's recent asset sale to ESP was opportunely timed, securing balance sheet strength to ride out the disruption. Given the current uncertainty and removal of FY21E guidance, we place our recommendation Under Review.

Companies: Fulcrum Utility Services