CORRECT: SMALL-CAP WINNERS & LOSERS: Touchstone postponement at Coho

Tue, 13th Aug 2024 11:27

(Correcting that Touchstone Exploration Inc is listed on AIM, not the London Main Market.)

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.

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SMALL-CAP - WINNERS

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Synthomer PLC, up 5.4% at 248.76 pence, 12-month range 235.50p-266.00p. For the six months ended June 30, the chemicals manufacturer reports a pretax loss of GBP33.2 million, swung from profit of GBP16.7 million a year prior. Revenue, however, rises 0.4% to GBP1.05 billion from GBP1.047 billion the previous year. This is in part down to improved sales across most segments, with Adhesive Solutions revenue rising 40% to GBP21.9 million from GBP15.6 million. Earnings before interest, tax, depreciation and amortisation come to GBP76.0 million, up 4.4% from GBP72.8 million the year before. Looking ahead, Synthomer says recent trading remains in line with expectations, adding that it expects some earnings progress and to be at least modestly free cash flow positive in 2024.

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SMALL-CAP - LOSERS

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Touchstone Exploration Inc, down 4.4% at 29.88p, 12-month range 27.12p-30.19p. The oil and natural gas exploration and production firm, which is active in Trinidad & Tobago, posts total revenue for the six months ended June 30 of USD23.5 million, up from USD11.0 million a year prior. Petroleum and natural gas sales come to USD30.7 million from USD15.7 million. Profit before tax swings to USD7.2 million from a loss of USD785,000, while net earnings swing to USD7.0 million from a loss of USD350,000. However, the firm's shares fall on altered annual guidance, which now reflects a 15% reduction in the midpoint of Touchstone's production forecast, driven by year-to-date production levels. Original capital guidance in the fourth quarter of the year contemplated drilling one Coho development well and one Coho exploration well. In order to focus on the development of our Cascadura field, Touchstone says it has elected to postpone its Coho capital program and drill two additional Cascadura development wells from the Cascadura B site.

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By Holly Beveridge, Alliance News senior reporter

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