27th Mar 2025 10:33
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.
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SMALL-CAP - WINNERS
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EnQuest PLC, up 5.9% at 14.12 pence, 12-month range 9.95p-17.82p. Pretax profit falls 28% to USD166.6 million during 2024 from USD231.8 million in 2023, as revenue declines 21% to USD1.18 billion from USD1.49 billion. The North Sea-focused oil and gas producer proposes its maiden final dividend of 0.616 pence per share. Chief Executive Officer Amjad Bseisu says: "In recent months, the group has executed successive material growth transactions across South East Asia, providing geographic and commodity diversification within the portfolio. Our entry into Vietnam, through the Block 12W acquisition, and our increased presence in Malaysia, with the enhancement of our Seligi gas agreement and the DEWA gas development PSC award, are all underpinned by leveraging our differentiated operating capability to create asset value. As EnQuest continues to pursue growth in the UK North Sea and further potential new country entries in South East Asia, these transactions underscore our commitment to growth, a disciplined approach to M&A, and a strategy to invest capital where we identify the most favourable returns." Looking ahead, EnQuest expects net group production to average between 40,000 and 45,000 barrels of oil equivalent per day in 2025 on a pro forma basis, against 40,736 boepd in 2024.
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CLS Holdings PLC, up 3.5% at 72.93 pence, 12-month range 69.10p-101.40p. Sells its Spring Mews student accommodation in Vauxhall, London, to Rosethorn Capital Partners & Barings for GBP101.1 million. The deal is in line with the December 31 valuation of the property, and 8.1% ahead of the 2023 year-end valuation. The sale is completed in May when the remaining consideration will be paid. Disposal proceeds will be used to repay GBP85.8 million in debt for two properties being substituted into the Aviva Investors portfolio. The sale will be "marginally" earnings enhancing, reduce CLS's year-end cost of debt by more than 20 basis points, and also reduce the loan-to-value to 47.9% from 50.7% on a pro forma basis.
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SMALL-CAP - LOSERS
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Ecora Resources PLC, down 6.5% at 61.72p, 12-month range 54.20p-88.90p. Pretax profit grows 28% to USD5.9 million from USD4.6 million, despite a 3.7% revenue slide to USD59.6 million from USD61.9 million. The South and North America-focused royalty and streaming company declares a second-half dividend of 1.11 US cents per share, bringing the total dividend for the year to 2.81 cents, down 67% on-year from 8.50 cents. "Following the implementation of an updated capital allocation framework prioritising growth, the acquisition of a royalty over the Phalaborwa project, estimated to be the lowest-cost advanced stage rare earths project outside of China, and more recently of a copper stream over the low-cost producing Mimbula copper mine represents tangible delivery of our strategy. Base metals exposure now represents 80% of Ecora's estimated NAV with copper exposure at the core," says Chief Executive Officer Marc Bishop Lafleche. "We are well positioned for the year ahead and will continue to focus on further diversifying Ecora's short and medium-term revenue profile, supported by the expected meaningful balance sheet deleveraging over the next 12-24 months."
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By Emily Parsons, Alliance News reporter
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Related Shares:
EnquestCLS HoldingsEcora Res.