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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Nanoco PLC, up 9.0% at 41.4 pence, 12-month range 16.05p-60.49p. The nanomaterials developer and manufacturer receives a firm trial date in its litigation against Samsung Electronics Co. The trial will now take place on January 6. The US trial date had been postponed several times in recent months. The lawsuit claims infringement of Nanoco’s synthesis and resin capabilities for quantum dots. Quantum dot technology is used on Samsung QLED televisions. ‘We have maintained our team of witnesses and advisers in a high state of readiness for the last few months and this will continue until the trial is complete. We still expect that the trial will last five working days and therefore expect the jury to return a verdict around 12 January 2023,’ says Chief Executive Officer Brian Tenner.
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Porvair PLC, up 9.1% at 577p, 12-month range 481p-772p. The specialist filtration, laboratory and environmental company says adjusted earnings per share are expected to be ahead of market forecasts. The firm says this is due to ‘sound underlying profitability being supplemented by favourable foreign exchange translation’. Revenue is expected to be 18% higher, with three divisions ahead and margins sustained. ‘Order books going into 2023 are healthy and lead times seem to be returning to more normal levels,’ Porvair says.
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SMALL-CAP - LOSERS
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Pendragon PLC, down 27% at 20.7p, 12-month range 19.23p-29p. The car dealership’s largest shareholder Hedin Mobility Group AB says it does not intend to make a takeover offer, three months after publicly floating the idea. Sweden-based mobility provider Hedin gave as reasons challenging market conditions and an uncertain economic outlook. In response, Pendragon says it is confident about its long-term prospects and that the process ‘highlighted the value of Pendragon and the board will continue to explore opportunities to maximise value for its shareholders’.
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ProCook PLC, down 17% at 27.47p, 12-month range 26.3p-164p. The kitchenware retailer said sales in recent weeks have been weaker than anticipated, as consumer demand softens due to the cost-of-living crisis in the UK. It now expects revenue for its full year to be between £60 million to £65 million, and underlying profit before tax to be approximately breakeven. This is due to ‘the combination of the continued softer year-on-year sales performance and heightened costs due to shipping and foreign exchange impacts, additional marketing and promotional activity, and investing in our operational teams to serve higher volumes’, ProCook explained.
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