22nd Jul 2024 10:03
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Monday.
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SMALL-CAP - WINNERS
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Ceres Power Holdings PLC, up 17% at 217.99 pence, 12-month range 126.40p-431.80p. The developer of clean energy technology wins a manufacturing licence partnership with an Asia Pacific-based original equipment manufacturer. The deal is for the "manufacture of Ceres' proprietary solid oxide electrolyser cell". Ceres will earn revenue through licence fees, engineering services and hardware over multiple years. It can also earn royalty payments. In addition, Ceres says it now expects annual revenue in the range of GBP50 million to GBP60 million. It previously expected to "double" revenue from the GBP22.3 million achieved in 2023.
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Pennpetro Energy PLC, up 22% at 3.04 pence, 12-month range 0.50p-3.90p. Notes Texas-based drilling contractor J&J Drilling International LLC has been engaged by Globalvision International to start work on the oil wells in Gonzales County, Texas early next month. Pennpetro on Wednesday last week had announced it would sell its shares in Texas Nobel USA Inc to Globalvision. In return, Pennpetro would get a life of asset overriding royalty interest on Texan oil wells and a 10% profit share on any other wells drilled or developed within Pennpetro's 2,036 acres in Texas. It noted a 12.5% overriding royalty interest, over the life of asset which is estimated at around 30 years. The Texan wells are City of Gonzales #1 well, Chalk Talk #1 well, Chalk Talk #4 well and Whistling Straits #5 well in Gonzales.
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SMALL-CAP - LOSERS
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On the Beach Group PLC, down 3.8% at 142.53p, 12-month range 81.24p-181.60p. Shares in the travel company struggle after budget carrier Ryanair Holdings PLC warns on low summer fares. "While Q2 demand is strong, pricing remains softer than we expected, and we now expect Q2 fares to be materially lower than last summer," Ryanair Chief Executive Officer Michael O'Leary says in a statement. Ryannair previously had expected they would be "flat to modestly up"
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By Eric Cunha, Alliance News news editor
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