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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Trifast PLC, up 13% at 70.60 pence, 12-month range 46.70p-109.28p. The industrial fastenings and component manufacturer says, as a result of higher annual revenue and its pricing actions, adjusted pretax profit for the financial year that ended March 31 is now expected to be marginally ahead of its previous guidance. Trifast’s previous guidance for adjusted pretax profit was £9.0 million. Revenue for the recent year is expected to be £245 million, up from £218.6 million the prior year. Notes that organic growth at constant currency was 7% in the year. In regard to its new financial year, Trifast says: ‘We are only a few weeks into the new financial year and whilst the destocking experienced from an Asian customer in the latter part of FY23 has abated, we remain mindful that the short-term macroeconomic outlook remains challenging. However, we have entered the new year with a backdrop of new contract wins and a healthy pipeline. These, together with the benefits from our operational improvement programmes, support the board’s continued expectation in delivering a marked improvement in performance in FY24.’ Company proposes a final dividend of 1.50p.
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James Fisher & Sons PLC, up 4.8% at 295.00 pence, 12-month range 242.00p-415.00p. The marine services provider reaches an agreement on the terms of a new £210 million secured revolving credit facility. The new facility will replace the group’s existing four facilities, which total £247.5 million and of which £47.5 million was due to mature in October. Notes that its results for 2022 are in line with the previous guidance it provided in March. Adds its trading performance in the first quarter of 2023 is ahead of the prior year and in-line with its expectations.
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SMALL-CAP - LOSERS
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CATCo Reinsurance Opportunities Fund Ltd, down 46% at $13.00, 12-month range $1.00-$25.00. The limited liability closed-ended fund says it continues to be focused on managing trapped capital and returning it to shareholders in ‘as timely and cost effective manner as possible’. Company opened 2022 with a total ordinary share net asset value of $50.6 million. It closed 2022 with a total ordinary share NAV of $1.5 million. It opened 2022 with a total C share NAV of $56.2 million and closed the year with a total C share NAV of $7.5 million. Company returns $4.6 million and $13.2 million in capital to ordinary shareholders and C shareholders, respectively, by means of a compulsory share redemption in November. It returned $123.4 million in all of 2022 and has returned $413.9 million since the capital return programme began in 2019.
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Alkemy Capital Investments PLC, down 8.5% at 238.00 pence, 12-month range 78.33p-382.50p. The energy transition metals-focused project developer reports that its wholly-owned subsidiary Tees Valley Lithium has entered into a memorandum of understanding with Altilium Metals Ltd. The two companies have agreed to collaborate on the supply of lithium sulphate feedstock to TVL from Altilium Metals’ battery recycling facility. They will also investigate the supply by TVL of lithium hydroxide for Altilium Metals’ planned cathode active materials production facility. The companies will work together to source further lithium feedstock and to collaborate to ensure a ‘sustainable and robust’ battery supply chain of cathode active materials to the North East of the UK, Alkemy adds.
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