30th Sep 2024 11:26
(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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Luceco PLC, up 4.5% at 157.40 pence, 12-month range 97.37p-195.00p. The lighting manufacturer and distributor reports that it has acquired CMD Ltd, a manufacturer of wiring accessories for the workplace, through the acquisition of its ultimate parent company, Baltic Topco Ltd. The acquisition is for a cash consideration of GBP30.0 million, on a cash and debt-free basis. For the year ended December 31, CMD reported revenue of GBP23.1 million, and earnings before interest, tax, depreciation and amortisation of GBP4.0 million. The buy is expected to be earnings enhancing in its first full year of ownership. Chief Executive Officer John Hornby says: "Luceco has a well-established position as a leading supplier of wiring accessories to the residential market in the UK so CMD, with its leading position in the commercial wiring accessories market, is a very natural fit. The group's expertise in product development, manufacturing and sourcing will enable us to accelerate range innovation and improve margins for CMD."
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SMALL-CAP - LOSERS
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Petrofac Ltd, down 22% at 15.35p, 12-month range 8.28p-77.00p. The services provider to the energy industry reports a pretax loss for the six months ended June 30 of USD202 million, widened from USD136 million a year prior. Revenue came to USD1.24 billion, down slightly from USD1.3 billion the year before, while cost of sales were up to USD1.24 billion from USD1.20 billion. Reflecting on the period, Petrofac says that its performance in the first half "reflected initial progress made on the new contracts awarded in 2023 in both E&C and Asset Solutions as the group transitions from the legacy E&C portfolio, offset by the impact from the limited access to guarantees for E&C contracts and adverse operating leverage."
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By Holly Beveridge, Alliance News senior reporter
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