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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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Motorpoint Group PLC, up 2.1% at 88.71 pence, 12-month range 85.20p-180.00p. The automotive retailer manages to narrow its underlying pretax loss to around GBP600,000 in the second quarter from GBP3.1 million in the first quarter, thanks to its measures to improve margins and its cost base actions. Before interest expenses, Motorpoint makes an underlying operating profit of around GBP1.6 million over the first half. "The impacts of high inflation, interest rates, and consumer uncertainty continue to affect demand for used cars...We have successfully preserved cash while making progress on selective strategic initiatives, and are well positioned to emerge from this difficult macroeconomic cycle a leaner and more agile business," says CEO Mark Carpenter.
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SMALL-CAP - LOSERS
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Metro Bank PLC, down 25% at 38.04p, 12-month range 34.00p-157.80p. The lender responds to press reports about a potential capital raise. Says it is continuing to consider how to best boost its capital resources, particularly in relation to the GBP250 million senior non-preferred notes due October 2025. "The company is evaluating the merits of a range of options, including a combination of equity issuance, debt issuance and /or refinancing and asset sales. No decision has been made on whether to proceed with any of these options," it says. The bank is seeking to raise up to GBP600 million, the Financial Times reported on Wednesday, citing people with knowledge of the plan. The FT said the firm is in talks with investors about raising GBP250 million in equity funding and GBP350 million in debt to shore up its balance sheet.
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Superdry PLC, down 7.3% at 47.20p, 12-month range 36.85p-168.00p. The clothing retailer returns some of Wednesday's gains, having closed up 28%. Its share rose after it announced an intellectual property joint venture in India with Reliance Brands. The deal will entail the sale of its IP assets in the region, and will see Superdry gain gross proceeds of GBP30.4 million.
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By Elizabeth Winter, Alliance News senior markets reporter
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