WINNERS & LOSERS: Hardide wins contract; Nanoco plans to delist

Wed, 27th May 2026 12:06

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

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Main Market small-cap winners

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abrdn Property Income Trust Ltd, up 8.7% at 1.85 pence

Upland Resources Ltd, up 8.5% at 3.25p

First Class Metals PLC, up 7.1% at 3.00p

Wolfram Resources PLC, up 7.1% at 1.50p

Zotefoams PLC, up 6.6% at 424.25p, backs outlook despite uncertainty

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Main Market small-cap losers

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Nanoco Group PLC, down 52% at 3.30p, plans to delist from London Main Market

Gem Resources PLC, down 31% at 0.33p, follows denial of plan to delist on Tuesday

Altona Rare Earths PLC, down 10% at 2.25p

Ondo InsurTech, down 9.5% at 3.80p

Alina Holdings PLC, down 9.1% at 10.95p

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AIM winners

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Mercantile Ports & Logistics Ltd, up 67% at 2.00p

Tern PLC, up 20% at 1.20p, continues to climb after issuing loan notes

Hardide PLC, up 18% at 60.00p, wins contract in North America

Bezant Resources PLC, up 13% at 0.11p

Distil PLC, up 12% at 0.05p

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AIM losers

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Sound Energy PLC, down 22% at 2.15p, continues to fall after Morocco divestment

Tap Global Group PLC, down 11% at 1.20p

PHSC PLC, down 8.8% at 7.55p

RC Fornax PLC, down 7.9% at 7.55p, first-half loss widens

Union Jack Oil PLC, down 7.5% at 3.70p, recommends shareholders vote against director appointment

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Small-cap and AIM movers in focus:

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Zotefoams PLC, up 6.6% at 424.25p, 12-month range 265.00p-479.88p. The foams, insulation, seals and interior trims provider says revenue for four months to end of April jumps 26% to GBP64.1 million. Revenue in the Europe, Middle East & Africa region climbs 24% to GBP50.1 million, driven by the GBP9.8 million contribution from OKC. It says this has supported margins in line with expectations. "The board is encouraged by the solid start to 2026 and its full-year expectations remain unchanged. Whilst mindful of elevated uncertainty in the macroeconomic backdrop, we continue to expect demand in key target markets, together with the contribution from OKC, to more than offset the moderation in Footwear," Zotefoams says.

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Nanoco Group PLC, down 52% at 3.30p, 12-month range 2.18p-15.00p. The Runcorn, England-based nanomaterials developer says it plans to delist from the London Main Market after failing to find a buyer for its trading business. "The Board believes that by taking further measures to reduce the company's operating costs and carefully investing its remaining resources in existing high-potential business areas, greater value can be generated for shareholders," it says. Nanoco says this cancellation would save around GBP700,000 a year. The firm says it is not experiencing any financial difficulty, nor does it expect to in the near term. "Conversely, were these cost savings to not be achieved, and were there further delays in the commercialisation of the company's products, the group's ability to break even in the medium term and achieve its strategic objectives would be further hindered by the current cost and resource burden associated with being a listed company," it adds. A general meeting to approve the proposals will take place on June 19, with cancellation expected around July 20 if successful.

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Gem Resources PLC, down 31% at 0.33p, 12-month range 0.13p-0.80p. The emerald miner sinks, after on Tuesday saying it has not decided to cancel its London listing or become a private company, in response to market speculation. It says speculation circulating on investor bulletin boards suggests it intended to seek cancellation of its shares from the London Main Market. Gem Resources says no such decision has been taken by the board, and it has "no current intention" to seek cancellation of its listing or admission to trading.

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Hardide PLC, up 18% at 60.00p, 12-month range 6.25p-64.00p. The Bicester, England-based surface treatment technology firm receives a GBP2.4 million order from its "large North American energy sector customer" to cover the remainder of the client's requirements to the end of the financial year in September. "This will have the effect of materially improving revenue and overall financial performance expectations for [financial 2026]," Hardide says. ""We are very pleased that the customer has again placed an order with us and that we have visibility of their orders for the rest of the financial year. We expect these orders to continue into the next financial years and, as we work more closely with the customer, are developing a mutually beneficial schedule for orders and deliveries which will underpin [financial 2027]," says Chief Executive Matt Hamblin.

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RC Fornax PLC, down 7.9% at 7.55p, 12-month range 5.80p-56.00p. The provider of engineering solutions to the UK defence industry says its pretax loss widens to GBP1.0 million in the six months to the end of February from GBP59,726 a year earlier. Revenue falls 12% to GBP2.2 million from GBP2.5 million. CEO Paul Reeves says: "The structural case for RC Fornax's services has never been stronger. The UK's transition to a war-fighting readiness posture demands precisely the kind of agile, outcomes-focused capability we deliver. With GBP5.7 million in [financial 2026] revenue visibility, a well-funded balance sheet and a pipeline of high-quality opportunities at advanced stages, I am confident in the company's ability to deliver a materially improved second half and a stronger full year and beyond."

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By Michael Hennessey, Alliance News reporter

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