SMALL-CAP WINNERS & LOSERS: Ceres grows profit with "record" orders

Fri, 27th Sep 2024 10:57

(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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Ceres Power Holdings PLC, up 14% at 227.5 pence, 12-month range 132.5p-326.8p. Pretax loss narrows to GBP10.8 million in the first half of 2024 from GBP26.2 million a year before, as revenue more than doubles to GBP28.5 million from GBP11.7 million, while cost of sales rises 26% to GBP5.6 million from GBP4.4 million. Notes "record order intake from signing new contracts of GBP46.9 million in H1, growing to GBP103.3 million since the start of the year to [August 31]". Says due to "natural reduction in investment requirements from historical peak levels", management is implementing a cost base rationalisation that will reduce overall expenditure by around 15%. Confirms upgraded revenue guidance of GBP50 million to GBP60 million for 2024, based on contracts secured so far.

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ASA International Group PLC, up 11% at 63 pence, 12-month range 23.8p-101.5p. First-half pretax profit jumps to USD28.3 million from USD13.8 million. Says it "delivered [a] strong operational performance in H1 2024 as the loan book grew following increased demand from clients". Notes "improved performance in Pakistan, the Philippines, Ghana, Tanzania, and Kenya", which "made a key contribution to the Group's financial performance due to increased loan demand and high loan portfolio quality in all these markets". Says outlook for the rest of 2024 remains positive, noting its improved business performance, but "inflation and related foreign exchange movements are expected to continue to affect financial performance". Says consensus net profit as of Friday is USD16.0 million.

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SMALL-CAP - LOSERS

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SLF Realisation Fund Ltd, down 1.7% at 1.75p, 12-month range 1.565p-4.015p. Says it will return 0.5p per share, GBP1.8 million in total, to ordinary shareholders. Will return 2.25p per share, GBP3.1 million in total to C shareholders. Return will be via issue of B and D and subsequent redemption.

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By Emma Curzon, Alliance News reporter

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