The following stocks are the leading risers and fallers among London Main Market small-caps on Monday.
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SMALL-CAP - WINNERS
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Luceco PLC, up 4.5% at 157.40 pence, 12-month range 97.37p-195.00p. The lighting manufacturer and distributor reports that it has acquired CMD Ltd, a manufacturer of wiring accessories for the workplace, through the acquisition of its ultimate parent company, Baltic Topco Ltd. The acquisition is for a cash consideration of £30.0 million, on a cash and debt-free basis. For the year ended December 31, CMD reported revenue of £23.1 million, and earnings before interest, tax, depreciation and amortisation of £4.0 million. The buy is expected to be earnings enhancing in its first full year of ownership. Chief Executive Officer John Hornby says: ‘Luceco has a well-established position as a leading supplier of wiring accessories to the residential market in the UK so CMD, with its leading position in the commercial wiring accessories market, is a very natural fit. The group’s expertise in product development, manufacturing and sourcing will enable us to accelerate range innovation and improve margins for CMD.’
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SMALL-CAP - LOSERS
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Petrofac Ltd, down 22% at 15.35p, 12-month range 8.28p-77.00p. The services provider to the energy industry reports a pretax loss for the six months ended June 30 of $202 million, widened from $136 million a year prior. Revenue came to $1.24 billion, down slightly from $1.3 billion the year before, while cost of sales were up to $1.24 billion from $1.20 billion. Reflecting on the period, Petrofac says that its performance in the first half ‘reflected initial progress made on the new contracts awarded in 2023 in both E&C and Asset Solutions as the group transitions from the legacy E&C portfolio, offset by the impact from the limited access to guarantees for E&C contracts and adverse operating leverage.’
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