Engineering firm gets £417,000 funds boost
SHAREWATCH
ACAERPHILLY engineering firm has secured a six-figure funding boost. MII Engineering, which employs about 400 people, has received a £417,000 grant for larger firms under the Welsh Government’s £500m Economic Resilience Fund (ERF), to support it through the economic downturn caused by the pandemic.
The company supports a diverse range of industries, including steel, power, food production and rail.
The ERF, which is part of the Welsh Government’s £1.7bn support package for business impacted by the pandemic, has to date provided more than 8,200 businesses with
AEROSPACE & DEFENCE
AvonRbbr ..................................... £367/8 BAE Systems ................................. 474 1/2 Chemring ....................................... 242 Meggitt ........................................... 311 1/4 Rolls-Royce .................................... 266 3/4 Senior ................................................ 59 1/4
AIM
600 Group .......................................... 9 Highland Gold Mining .............. 222 1/4 Johnson Service Grp ................. 115 5/8 London Security .......................... £21 M”S Intl ........................................... 133 Nichols ......................................... 1252 1/2 Scapa Grp ........................................ 90 5/8 Youngs ............................................ 974
BANKS
Barclays .......................................... 117 3/4 HSBC Hldgs ................................... 377 3/4 Lloyds Banking Gp ....................... 30 1/2 Ryl Scotland .................................. 121 1/2 Standard Chartered ................... 434 1/4
BEVERAGES
Barr (AG) ......................................... 462 Diageo ............................................ £27 5/8
CHEMICALS
Croda International .................... £54 Elementis 98 ................................... 67 3/4 Johnsn Mat ................................... £21 1/8
CONSTRUCTION & MATERIALS
BalfourBeatty .............................. 261 C”R”H .............................................. £28 7/8 Costain .............................................. 58 Marshalls ........................................ 607 1/2
ELECTRICITY
DraxGp .......................................... 260 SSE ................................................ 1321
ELECTRONIC & ELECTRICAL EQUIPMENT
Morgan Advanced ...................... 229 1/2 Ox Instmts .................................. 1332 Volex ................................................ 142 +1 1/4 -3 3/8 +1 -1/2 +10 3/8 -1 1/4
-1/8 -3 3/4 -2 1/4
-5 -4 3/8 +4
+5 3/4 +4 1/2
+3/4 +3 1/2 +5 3/8
+9 +5/8
+3/4 +3 1/2
+3/8
+1 3/4 +7/8 -5 +2
+8 +34 -6 1/2 -10 -1/2 financial support worth more than £230m. As well as larger firms with funding of up to £800,000, the ERF is also providing grants to micro-businesses and SMEs.
Celsa Steel, which employs 800 in south Wales, received £690,000 from the fund earlier this month.
The Welsh Government has also provided Celsa, which has a steel recycling plant in Cardiff, with a £2.9m repayable loan.
The UK Government has also provided the Catalan-owned business
EQUITY INVESTMENT INSTRUMENTS
Aberdeen Diversified Income & Growth Trust ................................................... 93 3/8 Alliance Trust ................................ 796 Dunedin Inv .................................. 254 Edin Invst ....................................... 455 Electra Private Equity ................ 186 F&C Investment Trust ................ 688 Henderson Smllr Cos ................. 757 North American Inc ................... 231 Scot Am .......................................... 418 Scottish Mortgage ..................... 911 Witan ............................................... 185
FIXED LINE TELECOMMUNICATIONS
BT Grp ............................................. 110 Talktalk Telecom ............................ 79 3/4
FOOD & DRUG RETAILERS
Morrison (WM) ............................ 182 7/8 Sainsbury ....................................... 193 3/4 Tesco ............................................... 214 3/4
FOOD PRODUCERS
AB Food ....................................... 1945 Carrs Group ................................... 106 1/2 REA Hldgs ........................................ 57 TateLyle ......................................... 628 Unilever .......................................... £41 7/8
GAS, WATER & MULTIUTILITIES
Centrica ............................................ 39 1/4 National Grid ................................ 871 Pennon Grp ................................ 1081 Severn ............................................. £23 3/4 United Utils ................................... 867
GENERAL FINANCIAL
3i Group ......................................... 825 1/4 Close Bros ................................... 1131 London StockExch ...................... £83 1/2 Man Group .................................... 129 5/8 Provident Financial .................... 169 1/4 Schroders ...................................... £29 1/4 Schroders NV ................................ £21 3/8 +5/8 +14 -2 +4
+10 +2 -2 +10 +11 +3 1/4 +2 1/8 -3/4
+4 1/4 +6 3/8 +3 1/4
-30
+3/4 -1/4 +1 1/4 +21 +16 1/2 +1/8 +5
+9 3/8 +23 -3/4 +1 1/2 +4 1/4 +1/4 -1/4 with a £30m loan.
MII Engineering’s finance director, Matthew Moody, said: “Coronavirus has generated significant challenges for us and our customers.
“We have been working hard to keep our teams effectively employed, while providing a safe environment. Coupled with a reduced order intake, this has had a major cost impact on our working capital.
“This funding from the Welsh Government will help to ensure we are in a good position to support customers old and new when the economy recovers.”
Minister for Economy, Transport and North Wales Ken Skates said:
GENERAL INDUSTRIALS
Smith (DS) ..................................... 271 1/8 Smiths Grp ................................. 1430 1/2
GENERAL RETAILERS
Dixons Carphone .......................... 87 Inchcape ........................................ 454 Kingfisher ...................................... 2243/4 M & S ................................................. 96 Mothercare ........................................ 6 3/8 Next ................................................. £47 1/8 WH Smith ................................... 1039
HEALTH CARE EQUIPMENT & SERVICES
Smith Nph .................................. 1517
HOUSEHOLD GOODS
Barratt Devel ................................ 543 5/8 Bellway ........................................... £26 1/2 Persimmon .................................... £26 3/8 Reckitt Benckiser ........................ £76 1/8 Taylor Wimpey ............................. 145
INDUSTRIAL ENGINEERING
I”M”I ................................................. 937 1/2 Molins ............................................. 158 Renold .............................................. 11 1/4 Spirax-Sarco ............................... £100 3/8 Weir Grp ...................................... 1048
INDUSTRIAL METALS
Ferrexpo ......................................... 178 1/2
+11 3/8 +5/8 +1/2 +1/2 +1 5/8
INDUSTRIAL TRANSPORTATION
Signature Avi ................................ 229
LIFE INSURANCE
Aviva ................................................ 282 3/4 Lgl & Gen ....................................... 220 3/8 Prudential ................................... 1243 1/2 Standard Life Aberdeen ........... 263 1/4
MEDIA
Daily Mail & Gen Tst ................... 666 ITV ...................................................... 67 1/4 Pearson ........................................... 558 3/4 Reach ................................................ 75 1/2 -1/8 +29 1/2
+3/8 +7 3/4 -3/8 +1 1/8 -3/8 +1/8 +43 1/2
-3
+7 1/2
+1 3/8 +19
+4 1/4 +2 1/2
+3 1/2 +7 3/4 +11 +5 1/2
-9 +1 +9 5/8 +1/4
RELX .............................................. 1810 STV Group ..................................... 220 WPP ................................................. 585 5/8
MINING
Anglo American ....................... 1925 Antofagasta .................................. 987 BHP Group ................................. 1664 3/4 Fresnillo .......................................... 940 Kaz Minerals ................................. 522 Rio Tinto ......................................... £46 1/8
+40 3/8 -2 1/4 +4 1/4 +14 3/8 +3
MOBILE TELECOMMUNICATIONS
Vodafone Group ......................... 123 3/8
NONLIFE INSURANCE
AdmiralGrp .................................. £227/8 Marsh McL ..................................... £86 RSA Ins Gp ..................................... 419 7/8
OIL & GAS PRODUCERS
BP ..................................................... 290 3/4 Cairn Energy ................................. 124 1/2 Premier Oil ...................................... 41 1/2 Royal Dutch Shell A ................. 1246 3/8 Royal Dutch Shell B ................. 1188 3/4 Total ................................................. £29 3/4 Tullow Oil ......................................... 30
OIL EQUIPMENT & SERVICES
Petrofac .......................................... 168 Wood Gp(J) ................................... 200 1/8
PERSONAL GOODS
Burberry Gp ............................... 1550 PZ Cussons .................................... 185 3/4
PHARMACEUTICALS & BIOTECHNOLOGY
Astrazeneca .................................. £85 GlaxoSmithKline ...................... 1575
REAL ESTATE
Brit Land ......................................... 378 1/4 Hamrsn ............................................. 73 1/2 Land Securities ............................ 551 3/8 SEGRO ............................................. 936 5/8
“Since the start of the pandemic we have worked hard in Wales to reprioritise our budgets and repurpose funding wherever we can to make sure financial support is available where it is needed most – and quickly.
“Our package of support goes above and beyond what is available elsewhere in the UK, and I am proud the Economic Resilience Fund is helping thousands of businesses deal with immediate issues critical to their survival and to safeguard jobs.
“Our efforts to help support a wide range and high volume of businesses are working. Of all the UK nations, +3 -7 +10 +3/4
+1/2 +1/2 +7 1/4
+3/4 +2 3/4 -1 1/2 +15 1/4 +7 5/8 +1/8 -1 1/4
+1/4 +7
-26 +1/4 -17 3/4
+3 -4 1/4 +6 3/8 +24 5/8
SOFTWARE & COMPUTER SERVICES
Computacenter ........................ 1629 Sage Group ................................... 657 3/4
SUPPORT SERVICES
Bunzl ............................................... £22 Capita ................................................ 37 7/8 Connect Group .............................. 17 3/4 De La Rue ....................................... 126 3/8 Elctro Com ..................................... 652 Electrocomp ................................. 652 Experian ......................................... £27 3/4 G4S ................................................... 119 1/2 Hays ................................................. 120 1/4 Homeserve ................................. 1306 Menzies J ....................................... 118 Redde Northgate ........................ 250 Rentokil .......................................... 523 Travis & P ..................................... 1140
TECHNOLOGY HARDWARE & EQUIPMENT
IBM ................................................... £93 1/8 Spirent Comms ............................ 253
TOBACCO
Br Am Tob ...................................... £28 3/4 Imperial Brands ........................ 1400
TRAVEL & LEISURE
Carnival .......................................... 986 Compass Grp ............................. 1115 easyJet ............................................ 664 FirstGroup ....................................... 36 1/8 Go-Ahead Gp ............................... 720 Intercontl Htls .............................. £37 3/4 Intl Cons Airl ................................. 211 3/4 Marston’s .......................................... 48 3/8 Mitchells & Butlers ...................... 165 Natl Express .................................. 166 1/8 Rank Org ........................................ 145 Restaurant Grp .............................. 52 1/4 Ryanair ............................................ 934 7/8 Stagecoach Group ....................... 53 3/4 Whitbread ..................................... £22 5/8 William Hill .................................... 113 3/4 +14 +1 3/8
+5/8 -1 +7/8 -5 5/8 +6 1/2 +6 1/2 -1/8 +1 7/8 +1/4 +55 -4
+1 3/8 +20 +1 5/8 +7
-3/8 -5
+42 +16 +11 1/4 -1 1/8 -11 +1/2 +4 1/4 +2 1/4 +14 3/8 -1/4
-1 1/4 +13 7/8 +1/2 +1 -3/8
INDEX FTSE 100 ......................... 6095.41 +45.79 FTSE 250 ....................... 17179.97 +194.84
Wales has the highest percentage of businesses entering applications for coronavirus support.
“These remain incredibly challenging economic times, but throughout this crisis I have said I want good-quality, thriving businesses to continue to be good-quality, thriving businesses when coronavirus is over.
“MII Engineering Limited is taking steps to do exactly that and I am delighted we were able to provide them with this vital funding.
“We remain committed to doing all we can to support firms like MII and help see our economy back to pre-pandemic levels of growth.”