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SMALL-CAP WINNERS & LOSERS: Lamprell down on discounted takeover offer

Fri, 24th Jun 2022 10:34

(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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RPS Group PLC, up 4.9% at 115.40 pence, 12-month range 83.55p-132.50p. The professional services firm says it has seen strong trading in 2022 so far and issues a positive outlook. RPS says trading in the five months ended May 27 was ahead of its expectations. Fee revenue grew by 12% in constant currency year-on-year to GBP215.4 million from GBP192.2 million. Growing order books and increasing headcount reflected high demand during the period, RPS notes. The contracted order book on May 27 was up 8% from December, 12% ahead of the previous year. RPS expects momentum to continue into the second half.

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Capita PLC, up 3.7% at 24.95p, 12-month range 19.89-55.98p. Peel Hunt raises the outsourcer to 'buy' from 'hold'.

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Literacy Capital PLC, up 2.5% at 410.00p, 12-month range 165.61p-410.00p. Says it has acquired a majority stake in Halsbury Travel Ltd, marking its third platform investment since its initial public offering back in June 2021. No financial details of the purchase were disclosed. Separately, Literacy Capital says it has received approval as an investment trust, with effect from its accounting period commencing April 1, 2022.

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SMALL-CAP - LOSERS

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Lamprell PLC, down 78% at 4.84p, 12-month range 4.26p-68.70p. Shares in United Arab Emirates-based provider of oil field services hit 12-month low after it received a "discounted" cash takeover offer from 25% shareholder Blofeld Investment Management and it was in discussions over a potential equity fundraise of USD150 million. Turning to current trading, Lamprell says its performance continues to be affected by the delivery of legacy, low margin projects and insufficient revenue levels, as it emerges from a "prolonged period" of low market activity due to low energy prices and Covid-19. It also adds that revenue recognition will be heavily weighted towards the second half of 2022.

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By Arvind Bhunjun; arvindbhunjun@alliancenews.com

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(ShareCast News) - Lamprell has been awarded a new contract from ScottishPower Renewables for the fabrication of multiple jackets and piles for the East Anglia One offshore wind farm in the southern North Sea. The large-scale project, which is aiming to be the best value offshore wind farm to go int

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