(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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EnQuest PLC, up 4.5% at 14.625 pence, 12-month range 11.17p-19.72p. The oil and gas production company with assets in the North Sea and Malaysia reports pretax profit in 2023 rising 14% to USD231.8 million from USD203.2 million in 2022, despite revenue falling 19% to USD1.49 billion from USD1.85 billion. Cost of sales decrease 21% to USD946.8 million from USD1.20 billion, while other expenses contract 76% to USD57.6 million from USD236.4 million. It opts against declaring a dividend, unchanged from a year earlier, although it has proposed a USD15 million share buyback to be executed during 2024. Chief Executive Officer Amjad Bseisu comments: "We have set the foundations for a pivot to growth during 2024 and continue to perform well against our full year targets, with production to February 29 averaging around 44,500 [barrels of oil equivalent per day]. The group also fully paid down its RBL facility post year-end and has further reduced net debt to USD409.6 million at the end of February 2024."
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Capricorn Energy PLC, up 2.8% at 171.6p, 12-month range 109.20p-789.09p. The Egypt-focused upstream energy company reports pretax loss in 2023 narrowed to USD102.1 million from USD148.5 million a year earlier, despite revenue falling 12% to USD201.0 million from USD229.6 million. The loss narrows due to falling costs, including general exploration costs down 45% to GBP26.9 million from GBP48.7 million and unsuccessful exploration well costs falling 65% to GBP20.5 million from GBP57.8 million. Capricorn Energy also proposes a USD50 million special dividend to be paid in the second quarter of 2024, subject to shareholder approval.
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SMALL-CAP - LOSERS
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abrdn Property Income Trust Ltd, down 5.5% at 51.2p, 12-month range 44.15p-57.90p. The real estate trust falls on the news that its shareholders rejected a planned all-share merger with Custodian Property Income REIT PLC. After the market close on Wednesday, API disclosed shareholders had failed to back the proposed merger with CREI in sufficient numbers. API said the total votes in favour of implementing the merger were 61% of API shares voted at the court meeting, 61% of API shares voted at the general meeting, and 86% by number of API shareholders who voted at the court meeting. This falls short of the 75% threshold required by value of API shares at both the court meeting and general meeting, and a majority in number of API shareholders voting at the court meeting, API said. As a result, API intends to implement a managed wind-down as previously announced.
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By Greg Rosenvinge, Alliance News senior reporter
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Enquest (ENQ)
Capricorn Energy PLC (CNE)
Abrdn Property (API)