11th Apr 2023 10:05
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.
----------
SMALL-CAP - WINNERS
----------
GSTechnologies Ltd, up 31% at 1.47p, 12-month range 0.27p-1.85p. The technology firm with businesses in blockchain payments and financial services, foreign exchange and cryptoasset exchange notes the recent rise in its share price. It confirms its stablecoin application for admission to the UK Financial Conduct Authority regulatory sandbox continues to progress. Says FCA have verbally indicated the application is eligible for and undergoing panel review and further assessment. "The company expects to receive the decision on the Sandbox Application in mid-May 2023 and in the meantime the company continues to assist the FCA with their panel review of the Sandbox Application," it says. Stablecoins are cryptocurrencies whose value is pegged or tied to another currency, commodity or financial instrument.
----------
Hollywood Bowl Group PLC, up 2.1% at 250.60 pence, 12-month range 161.40p-286.50p. The ten-pin bowling operator said revenue in the half-year ended March 31 was up 11% year-on-year to a record GBP111.1 million from GBP100.2 million a year prior. It noted "continued strong customer demand", with like-for-like revenue growth of 3.5%. During the period, it opened Hollywood Bowl Speke and Puttstars Peterborough, which are both trading "ahead of management's expectations". While "mindful" of the economic backdrop, Hollywood said it is confident of its prospects for financial 2023 as a whole. It said it expects to announce its interim dividend alongside its half-year results in May. Fellow ten-pin bowling firm Ten Entertainment Group PLC rose 2.9% in a positive read-across.
----------
SMALL-CAP - LOSERS
----------
Petrofac Ltd, down 2.1% at 73.22p, 12-month range 45.38p-161.20p. The energy services company's stock continues its downward trend, having lost 7.6% in the past week. Last Tuesday, Jefferies cuts the stock to 'hold' from a 'buy' rating. It also slashed its price target to 70p from 160p. In the last twelve months, shares in the energy services company are down 36%. However, the stock surged around 70% at the end of March, after winning a wind farm contract alongside Hitachi Ltd.
----------
By Elizabeth Winter, Alliance News senior markets reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.