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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DG Innovate PLC, up 21% at 0.073 pence, 12-month range 0.027p-0.26p. The sustainable mobility and energy storage solutions announces the delivery of a prototype motor to project partner Meritor Electric Powertrain Systems (UK) Ltd. The 450 kilowatt prototype is ‘cutting-edge’, DG says. ‘The new DGI manufactured motor weighs only 180kg, with industry-leading torque density and delivers continuous power with an impressive 97.3% measured efficiency when paired with DGI’s inverter, and a 98.5% efficiency from the motor alone. These figures are a testament to a remarkable leap in performance and demonstrates industry leading efficiency.’
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SMALL-CAP - LOSERS
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Secure Trust Bank PLC, down 13% at 490.82p, 12-month range 440.00p-950.00p. Shares hit this one-year low on Friday as it warns on profit amid motor finance sector difficulties. The retail bank provides motor finance through the V12 Vehicle Finance and Moneyway brands. Secure Trust now expects continuing pretax profit to ‘fall materially below market expectations by between £10 million and £15 million’ in 2024. Chief Executive Officer David McCreadie said: ‘We are disappointed that it will take longer than expected to recover value from the excess level of defaulted Vehicle Finance balances, and the recent Court of Appeal decisions have added additional uncertainty on the benefits to be realised in 2024. Notwithstanding the near-term impacts of the excess defaults in Vehicle Finance, we have seen arrears in Vehicle Finance fall to the lowest level since 2021, have continued to grow total net lending, continued to optimise our cost base, made good progress on early repayments of TFSME funding, and see continued growth opportunities ahead of us.’ TFSME is a Bank of England term funding scheme with additional incentives for small and medium enterprises.
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Foxtons PLC, down 1.4% at 58.00p, 12-month range 37.00p-71.40p. Shares in the estate agent extend their decline after a 3.0% fall on Thursday. A post-UK budget spike in government bond yields hit firms in sectors sensitive to robust interest rates. The UK 10-year gilt yield hit a one-year on Thursday and topped 4.51%.
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