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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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John Wood Group PLC, up 2.8% at 22.35 pence, 12-month range 21.74p-211.4p. Extends put up or shut up deadline for offer talks with Dar Al-Handasah Consultants Shair and Partners Holdings Ltd, known as Sidara, to May 15. The PUSU deadline was previously extended to Thursday evening. This follows the Aberdeen-based oilfield and engineering services provider announcing that it was "minded to recommend" an around GBP240 million proposed offer from Sidara. Previously, last year, discussions between the two firms broke down with Sidara's final tilt, priced around 230p per share, having valued John Wood at GBP1.58 billion.
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REA Holdings PLC, up 3.8% at 69 pence, 12-month range 61.5p-97p. The London-based company engaged in oil palm cultivation in Indonesia, which also produces crude palm and palm kernel oil, releases its 2024 results. Says revenue increased 6.3% to USD187.9 million from USD176.7 million in 2023, "primarily reflecting higher average selling prices (net of export duty and levy)" and higher crude palm kernel oil prices. These rose to USD819 per tonne from USD718, and to USD1,094 per tonne from USD749, respectively. REA also swings to pretax profit of USD38.9 million against a loss of USD29.2 million, "principally due to higher revenues and positive non-routine items". "Marked increase in profitability" includes earnings before interest, tax, depreciation and amortisation rising 41% to $61.6 million. Company adds that its debt profile and liquidity are "significantly improved". Going forward, it expects its operational performance "to benefit from continuing improvements to productivity and progressively increasing crops from currently immature areas reaching maturity". Also expects a "good level" of cash flow thanks to "firm" crude palm oil and CPKO prices.
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SMALL-CAP - LOSERS
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Kenmare Resources PLC, down 1.0% at 401p, 12-month range 275p-436p. The Mozambique-focused titanium minerals and zircon producer has extended the PUSU deadline for talks regarding a possible cash offer from a consortium led by Oryx Global Partners Ltd, from Thursday to May 15. Also releases a production report for the first quarter, which includes a 0.5% decrease in ilmenite production to 204,500 tonnes from 205,500 tonnes for the first quarter of 2024, and a 33% fall from 307,400 tonnes in the fourth quarter. Excavated ore rose 1.3% to 9.3 million tonnes from 9.2 million, but fell 10% on-quarter from 10.3 million. Heavy mineral concentrate production fell 1.3% on-year and 28% on-quarter to 312,300 tonnes, while HMC processed fell 1.3% on-year and 31% on-quarter to 303,900 tonnes. Shipments totalled 307,100 tonnes, up 26% on-year from 242,900 tonnes and down 0.4% on-quarter from 308,300 tonnes. "At the end of Q1, Kenmare is on track to achieve its 2025 guidance on all metrics," the firm noted. Adds that "global trade policies present a potential risk" but "titanium feedstocks and zircon appear likely to continue to benefit from exemptions due to their critical mineral status".
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By Emma Curzon, Alliance News reporter
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