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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Record PLC, up 8.4% at 51.5 pence, 12-month range 45p-71.6p. The Windsor, England-based specialist currency and asset manager says assets under management totalled $100.5 billion at December 31, up from $99.5 billion one year prior. Average fee rates in the three months ended December 31 ‘remained broadly unchanged’ from the previous quarter. Performance fees totalled £1.3 million for the third quarter, and £2.9 million in the financial year to date. Net flows for Record’s Hedging for Asset Managers product totalled about $900 million and $2.4 billion in the year to date.
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abrdn European Logistics Income PLC, up 2.8% at 58 pence, 12-month range 56p-64.6p. The investment trust, which is conducting a shareholder-approved managed wind-down, announces the sales of three assets. Firstly, it has concluded the freehold sale on a warehouse in Oss, the Netherlands, for €15.7 million to current tenant Orangeworks. Says the consideration was in line with the latest available valuation for the third quarter of 2024, and that it has paid down €9.9 million of the outstanding €44.2 million debt. Also, the company has sold two assets in Spain - a cross-dock warehouse in Madrid, leased to DHL (Spain), and a Barcelona warehouse leased to Mediapost - for €29.7 million in total. This was 12% higher than their third-quarter valuation. Company says it will use €17.7 million of the net proceeds to pay down part of its €51 million ING Bank secured debt. Says due diligence is ongoing over three other assets, and further properties are ‘marked for sale’.
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SMALL-CAP - LOSERS
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Taylor Maritime Investments Ltd, down 4.2% at 71.5p, 12-month range 64p-86p. The shipping company declares an interim dividend of 6 US cents per share, comprising a 2 cents per share interim dividend and a 4 cents special dividend. Estimates net asset value of $1.28 per share at December 31, down from $1.48 at September 30. ‘We’ve divested 28 ships over the last 24 months - 13 in the 2024 calendar year. These sales have all been achieved at or close to NAV,’ says Chief Executive Officer Edward Buttery. ‘Given the progress with debt reduction so far, we believe it also makes sense to return some cash to shareholders, hence the special dividend.’ Company reports however that its fleet’s market value decreased by around 8.2% on-quarter to $560.2 million. Fleet’s average time charter equivalent earnings totalled $12,150 per day for the quarter ended December 31, down from $14,211 per day for the previous quarter. Says market rates declined throughout the quarter ‘as Panama Canal transits increased toward pre-drought levels, releasing previously tied up tonnage, and typical seasonal commodity demand strength failing to materialise with uncertainty surrounding the incoming US administration’s trade policies dampening sentiment’.
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