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SMALL-CAP WINNERS & LOSERS: Reach CEO departure; Wood Group audit woes

31st Mar 2025 10:54

(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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Dialight PLC, up 10% at 127.74 pence, 12-month range 86.00p-275.64p. The industrial LED lighting company expects underlying pretax operating profit for the year which ended on Monday to be ahead of market expectations. "We will provide further detail on the full-year result once the year is complete and the outcome of US tariffs on Mexican imports is known. The full year results are due to be released in June 2025," Dialight says. It adds a full and final settlement agreement has now been entered into with Sanmina Corp, an electronics manufacturing services provider. Sanmina had been Dialight's manufacturing partner. The first payment of USD4 million, which had been due on Monday, has been made to Sanmina. The legal matter centred on the termination of a manufacturing services agreement. "Under the settlement terms, Dialight will pay Sanmina USD12 million in full and final settlement of all claims between the parties. This amount will be paid in instalments, with the first payment of USD4 million due by 31 March 2025, followed by eight instalments of USD1 million paid at the end of each subsequent calendar quarter through to 31 March 2027," Dialight said in January.

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SMALL-CAP - LOSERS

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John Wood Group PLC, down 27% at 29.10p, 12-month range 21.18p-213.20p. A probe finds "material weaknesses and failures" in the "financial culture" of its Projects division. The "cultural failings" may have led to some information being withheld from auditors, Wood Group says. "As a result of the review, a number of prior-year adjustments are expected to be required to the income statement and balance sheet," the engineering and consulting business says. This will predominantly impact the Projects unit. It expects "material prior year profit and loss and balance sheet adjustments" for 2022, 2023 and the first half of 2024. For the 2024 annual results, Wood Group does not expect these to be published by April 30; if so, its shares will be suspended from trading.

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Reach PLC, down 5.7% at 71.50p, 12-month range 67.50p-112.80p. The newspaper publisher says Jim Mullen is stepping down as chief executive with immediate effect. Mullen leaves the Daily Mirror-owner to join The Jockey Club, a horse racing organisation. Piers North, Reach's chief revenue officer, becomes CEO with immediate effect.

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By Eric Cunha, Alliance News news editor

Comments and questions to [email protected]

Copyright 2025 Alliance News Ltd. All Rights Reserved.


Related Shares:

Reach PlcWood Group (J)Dialight
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