(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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AO World PLC, up 3.0% at 73.20 pence, 12-month range 64.70p-262.80p. Shares in online electricals retailer are rebounding after a lower close on Thursday. AO World on Thursday said it will shutter its German business, potentially booking cash costs of up to GBP15 million in the process. The stock lost 2.9% on Thursday.
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SMALL-CAP - LOSERS
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ProCook Group PLC, down 40% at 47.66p, 12-month range 40.00p-166.00p. Shares in the kitchen products retailer hit a record low of 40.00p since listing in November. ProCook says trading has been hurt by increasingly challenging market conditions, with customers affected by "exceptional pressures" on discretionary spending. ProCook expects to deliver adjusted pretax profit of between GBP4 million to GBP6 million for financial 2023. It didn't provide its adjusted pretax profit figure for financial 2022. In the first half of financial 2022, the six months that ended October 21 last year, underlying pretax profit was GBP3.6 million. Stock is down 67% from the initial public offering price of 145.00p.
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Genel Energy PLC, down 1.0% at 171.01p, 12-month range 113.85p-200.00p. The oil producer says that at its recent annual general meeting, Bill Higgs did not receive the required 50% majority of votes in favour of re-election as a director. At the May 12 AGM, 55% of the votes cast were against him. As such, Higgs has agreed to step down as chief executive of the company with immediate effect. Genel said Higgs will take up a role as a special advisor to the chair until September 1, to support an orderly transition. After this, he will remain as a consultant to the company. Chief Operating Officer Paul Weir has been promoted to interim CEO with immediate effect. A search for a suitable replacement is underway, it adds.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Procook Grp (PROC)
Genel Energy (GENL)
Ao World (AO.)