The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.
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SMALL-CAP - WINNERS
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XPS Pensions Group PLC, up 6.6% at 159.90 pence, 12-month range 114.50p - 168.00p. The company now expects revenue for the financial year ending March 31 to be ahead of current market expectations. The pension consultancy said consensus sees revenue between £163 million and £165 million. This would represent growth of 17% to 19% against the year prior. Says the ‘resilience and predictability’ of its business model drove the strong performance for the year. Adds the inflation-linkage of its contracts also supported growth, though it notes that for many contracts this only took effect mid-year and so will not be fully reflected in financial 2023.
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Superdry PLC, up 5.1% at 113.53 pence, 12-month range 91.70p - 186.80p. The clothing retailer signs a agreement with Cowell Fashion Co Ltd for the sale of intellectual property assets in countries within the Asia Pacific region for $50 million. Cowell is based in South Korea and operates in the Asia Pacific regions. It focuses on licensing and manufacturing apparel. The agreement means Cowell will own and use the Superdry brand in Asia Pacific markets, starting with South Korea before extending to others. Superdry says it plans to build a collaborative partnership with Cowell, capitalising on the shift in consumer preferences in Asia towards lifestyle products. Superdry will provide support and ‘know-how’ relating to the Superdry brand to Cowell during the first two years following completion of the sale. In consideration for these services, an additional management fee of $1.0 million will be paid to Superdry by Cowell.
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Kenmare Resources PLC, up 3.6% at 447.00 pence, 12-month range 367.12p - 533.00p. The miner says the completion and submission of the indigenous impact study for the Coringa project to the National Indian Foundation of Brazil is ‘imminent’. The study is a ‘key’ outstanding component for the award of the installation licence by the state environment authority for the state of Para in Brazil. This would allow the firm to install a full process plant at Coringa at a later date. The study was commissioned at the beginning of 2022, with progress slower than originally expected, according to Chief Executive Michael Hodgson.
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SMALL-CAP - LOSERS
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Pharos Energy PLC, down 1.3% at 22.70 pence, 12-month range 17.74p - 29.90p. The energy firm reports a pretax profit $80.6 million in 2022, more than doubled from $38.6 million the year prior. Revenue from continuing operations rises to $199.1 million from $134.1 million. However, the company’s total working interest production in 2022 falls to 7,166 barrels of oil equivalent per day from 8,878 boepd a year prior. Pharos notes this was in-line with guidance. This follows the farm-down transaction and transfer of operatorship of Pharos’ Egyptian assets to IPR Energy Group, completed on March 21, 2022. Working interest production for Egypt in 2022 is therefore reported as 100% through to completion and 45% thereafter.
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