25th Mar 2025 10:52
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.
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SMALL-CAP - WINNERS
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Xaar PLC, up 8.0% at 64.79 pence, 12-month range 57.60p-150.50p. Pretax loss widens to GBP11.4 million in 2024 from GBP2.7 million in 2023, as revenue falls 13% to GBP61.4 million from GBP70.2 million. The industrial inkjet manufacturer declares no dividend for the year. Revenue within its new Printhead business, grew 23% to GBP18.9 million from GBP15.4 million, but was offset by its Ceramics & Glass arm revenue halving to GBP7.5 million from GBP15.5 million. Engineered Print Systems revenue also reduced 27% to GBP16.1 million from GBP22.1 million amid "tough market conditions" and the completion of a "substantial" multi-year project. "Our key strategic milestones, notably in the areas of EV battery coating, automotive coating and desktop 3D, are setting the group up for sustainable medium-term growth and are all progressing as planned. Increasing market awareness of our value proposition also means that global market leaders are now approaching us to learn more about the benefits of high viscosity fluids," said Chief Executive Officer John Mills, adding: "With the ceramics market decline nearing its trough, this headwind should reduce going forward, allowing new business revenue growth to translate to profit more readily."
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Tullow Oil PLC, up 6.8% at 14.95 pence, 12-month range 12.86p-40.32p. Pretax profit triples to USD321.5 million in 2024 from USD95.9 million in 2023, despite revenue falling 6.1% to USD1.53 billion from USD1.63 billion. This is driven by the swing to a USD11.8 million impairment reversal of property plant and equipment for the year, compared to a GBP408.1 million impairment loss in 2023. "In 2024 we had a number of successes but also some operational challenges, most notably with Jubilee production and a reserves revision, however there is now strong momentum within the business with a return to drilling at Jubilee, and the commencement of production optimisation and reserves maturation activities in Ghana," says interim CEO & CFO Richard Miller. "In addition a number of key achievements have recently been realised, including the resolution of the Ghana branch profits remittance tax arbitration which eliminated a material overhang, the repayment of our 2025 senior notes and as announced on 24 March, the signed binding heads of terms for the sale of our Gabonese assets for a cash consideration of USD300 million. This will accelerate our deleveraging progress this year." group working interest oil and gas production averaged 61,200 barrels of oil equivalent per day in 2024, down from 62,700 in 2023. This is expected to fall further to 50,000 to 55,000 boepd in 2025, the company said.
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SMALL-CAP - LOSERS
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Amigo Holdings PLC, down 18% at 0.33p, 12-month range 0.13p-0.90p. Moves its financial year-end to September 30 from March 31, with its next full-year results to encompass the 18 months ending September 30. The mid-cost credit provider intends to publish its interim results for the six months to March 31 before June 30. "The directors have implemented this change in order to preserve cash," Amigo explains. "As previously announced, the company has a very limited runway before becoming insolvent. Based on its budget, current resources will run out in late May 2025. The change of accounting reference date defers Amigo incurring a liability to pay costs related to the production of audited financial statements." Amigo continues to search for a reverse takeover target to enable it to continue in the long-term. No deal has been reached to date and Amigo is looking to raise new additional funding to extend the time before the firm reached insolvency, as well as provide funding for the potential costs associated with a reverse takeover. In addition, Amigo notes that its scheme of arrangement for misselling loans is nearing completion, and expects the second and final scheme distribution to be announced later in March.
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By Emily Parsons, Alliance News reporter
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Related Shares:
AmigoTullow OilXaar