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(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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Luceco PLC, up 15% at 122.80 pence, 12-month range 63.47p - 328.86p. The wiring accessory, charger and lighting product supplier says it traded in line with expectations during the final quarter of 2022. Revenue was 22% below the previous year but 10% higher than its pre-pandemic 2019 fourth quarter. As a result, full-year revenue is expected at GBP206 million, and adjusted operating profit is expected at the upper end of a guidance range of between GBP20 million and GBP22 million. Also notes major customers reduced their inventory levels by GBP20 million in 2022, as expected. In 2023, Luceco expects a further GBP5 million reduction in inventory levels. Separately, the firm announces that Chief Financial Officer Matt Webb has decided to step down after five years in the role. He will be succeeded by Will Hoy, who is currently non-executive director and audit committee chair, on April 1.
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Technology Minerals PLC, up 4.4% at 1.52 pence, 12-month range 1.30p - 5.50p. Reports assays results from the first stage of lithogeochemical sampling at the Knockeen and Carriglead target areas at its Leinster lithium project. Notes, out of 56 samples at Knockeen, 41 samples are graded above 1% lithium oxide. At Carriglead, six samples were graded above 1% lithium oxide out of 10 samples. Chief Executive Alex Stanbury says: "These latest assay results from the Leinster project in Ireland are highly encouraging and build on previous reconnaissance work which displayed significant grades of Li2O in all samples. The results announced today continue to demonstrate the high-grade nature and size of the boulders in the material being sampled as well as expanding the known extent of the spodumene pegmatite boulder train at Knockeen and Carriglead." Technology Minerals is a London-based firm looking to create a circular economy for battery metals.
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SMALL-CAP - LOSERS
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Capital Ltd, down 7.6% at 107.57 pence, 12-month range 75.00p - 118.00p. The drilling services contractor reports revenue of USD290.3 million in 2022, up 28% from USD226.8 million in 2021. Capital says this was at the upper end of its revised guidance of between USD280 million and USD290 million. Average monthly revenue per operating rig in the final quarter of 2022 was USD191,000, up 3.8% from USD184,000 the year prior. Capital says it enters 2023 with a "robust" contract portfolio.
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AEW UK REIT PLC, down 6.7% at 98.00 pence, 12-month range 83.77p - 135.00p. The UK-focused commercial property investor reports a net asset value as of December 31 of GBP166.2 million, or 104.93p per share. This is down from GBP193.1 million, or 121.88p per share, as of September 30. Total NAV return for the quarter ended December 31 was negative 12.3%, compared to negative 2.1% in the quarter ended September 30. Portfolio Manager Laura Elkin says: "Following interest rate rises and the unfolding UK macro-economic backdrop, real estate valuations across all market sectors, in particular at the prime end of the industrial and warehousing sector, fell significantly during the quarter. The value of the company's assets has not been immune from this trend with like-for-like value loss of 10.82% during the quarter ending 31 December."
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By Heather Rydings, Alliance News senior economics reporter
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