(Correcting that TheWorksco.uk's like-for-like online sales in the 11 weeks to January 15 declined by 14.0%, not 15.0%).
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.
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SMALL-CAP - WINNERS
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Seraphine Group PLC, up nearly three times its closing price at 29.10 pence, 12-month range 7.88p - 229.0p. Reaches an agreement with Mayfair Equity Partners LLP for the firm to acquire the remaining share capital it does not already own in Seraphine for 30 pence per share, valuing the entire company at GBP15.3 million. Says the offer represents a premium of around three times its closing price of 9.8 pence on Thursday. Mayfair currently holds 43% of the firm. Chair Sharon Flood says the transaction would "remove the substantial costs associated with being listed and afford management the time and space to give their full attention to a return to profitable growth." Seraphine is a retailer of maternity and nursing clothing based in London. Mayfair Equity Partners is a London-based investor focused on technology and consumer businesses.
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SMALL-CAP - LOSERS
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TheWorks.co.uk PLC, down 20% at 34.39 pence, 12-month range 26.10p - 69.30p. The books and stationery retailer posts a significantly widened pretax loss of GBP10.7 million in the first half of its financial year from a loss of GBP1.0 million a year prior. Notes that the company typically makes a loss in its first half, however, due to the year's profit being strongly focused on the peak Christmas period in the second half. In the six months ended October 30, revenue totals GBP118.9 million, up 2.4% against GBP116.1 million a year prior. In the 11 weeks to January 15, posts total like-for-like sales growth of 5.7% against the same period the previous year. Store LFL sales growth is 9.7%, while online LFL sales decline by 14.0%. Explains that online sales have been "disappointing" with sales softening in the run-up to Christmas. Says this was likely due to consumers losing confidence in retailers' delivery promises in light of the strikes at Royal Mail and the potential for knock-on effects of the strikes on other carriers. Nonetheless, keeps its financial 2023 expectations unchanged. Declares no interim dividend, unchanged from a year prior.
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Castillo Copper Ltd, down 6.9% at 0.86 pence, 12-month range 0.60p - 1.55p. The Australia and Zambia-focused base metal explorer says assays from seven drill holes across the Fence Gossan and Tors Tank prospects in Australia confirm a "significant" shallow clay-hosted rare earth elements discovery. In Zambia, Castillo schedules development works to start in the first half of 2023 on known targets at its Luanshya project.
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By Heather Rydings, Alliance News senior economics reporter
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