26th Sep 2024 11:08
(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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Life Science REIT PLC, up 4.8% at 33.75 pence, 12-month range 31.5p-73.4p. The life science property-focused real estate investment trust declares 1.0p per share first-half dividend, unchanged from the prior year. Net asset value is 76.4p at June 30, down from 81.1p in 2023. Chair Claire Boyle comments that "our current leasing interest is now at its highest level in a year...we remain confident that our strategy for driving value from our well located portfolio has the potential to deliver rents very significantly ahead of their current level". Trust however remains "cognisant of the challenges...with significant headwinds faced since IPO, in common with the wider REIT sector, including higher inflation and elevated interest rates which have driven a fundamental slowdown in leasing activity". Contracted rents for the investment portfolio increased 7.9% to GBP15.1 million, with adjusted earnings up 6.3% to GBP3.4 million.
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SMALL-CAP - LOSERS
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Videndum PLC, down 19% at 228p, 12-month range 228p-365p. The film industry-focused software and hardware manufacturer says pretax loss for first half of 2024 narrowed on-year to GBP13.4 million from GBP50.0 million. Revenue however decreased to GBP153.3 million from GBP165.0 million, "broadly in line with its expectations and the group maintained its focus on tightly controlling costs, capex and working capital". Says decline reflects "post-strike recovery in the cine and scripted TV market" which is "taking longer than anticipated", as well as a "challenging macroeconomic environment affecting the consumer and independent content creator segments". Claims it "remains well positioned in attractive markets with good medium-term prospects", but expects 2024 orders to be below its previous expectations. Says it is implementing a cost savings programme projected to deliver at least GBP10 million in permanent savings next year.
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Tullow Oil PLC, down 1.4% at 22.85p, 12-month range 22.12p-39.48p. Bank of America cuts price target to 50p per share from 58p, although it maintains a 'buy' recommendation. In its first-half earnings report published August, the oil & gas exploration and production company said pretax profit jumped 69% to USD367.6 million, but revenue declined 2.3% to USD758.8 million. Sales volumes fell 10% to 51,200 barrels of oil equivalent per day, but group working interest production was at 63,700 boepd, ahead of guidance of 62,000.
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By Emma Curzon, Alliance News reporter
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