The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.
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SMALL-CAP - WINNERS
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EnQuest PLC, up 4.5% at 14.625 pence, 12-month range 11.17p-19.72p. The oil and gas production company with assets in the North Sea and Malaysia reports pretax profit in 2023 rising 14% to $231.8 million from $203.2 million in 2022, despite revenue falling 19% to $1.49 billion from $1.85 billion. Cost of sales decrease 21% to $946.8 million from $1.20 billion, while other expenses contract 76% to $57.6 million from $236.4 million. It opts against declaring a dividend, unchanged from a year earlier, although it has proposed a $15 million share buyback to be executed during 2024. Chief Executive Officer Amjad Bseisu comments: ‘We have set the foundations for a pivot to growth during 2024 and continue to perform well against our full year targets, with production to February 29 averaging around 44,500 [barrels of oil equivalent per day]. The group also fully paid down its RBL facility post year-end and has further reduced net debt to $409.6 million at the end of February 2024.’
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Capricorn Energy PLC, up 2.8% at 171.6p, 12-month range 109.20p-789.09p. The Egypt-focused upstream energy company reports pretax loss in 2023 narrowed to $102.1 million from $148.5 million a year earlier, despite revenue falling 12% to $201.0 million from $229.6 million. The loss narrows due to falling costs, including general exploration costs down 45% to £26.9 million from £48.7 million and unsuccessful exploration well costs falling 65% to £20.5 million from £57.8 million. Capricorn Energy also proposes a $50 million special dividend to be paid in the second quarter of 2024, subject to shareholder approval.
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SMALL-CAP - LOSERS
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abrdn Property Income Trust Ltd, down 5.5% at 51.2p, 12-month range 44.15p-57.90p. The real estate trust falls on the news that its shareholders rejected a planned all-share merger with Custodian Property Income REIT PLC. After the market close on Wednesday, API disclosed shareholders had failed to back the proposed merger with CREI in sufficient numbers. API said the total votes in favour of implementing the merger were 61% of API shares voted at the court meeting, 61% of API shares voted at the general meeting, and 86% by number of API shareholders who voted at the court meeting. This falls short of the 75% threshold required by value of API shares at both the court meeting and general meeting, and a majority in number of API shareholders voting at the court meeting, API said. As a result, API intends to implement a managed wind-down as previously announced.
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