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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Ecora Resources PLC, up 2.4% at 61.55 pence, 12-month range 57.8p-88.1p. The South and North America-focused royalty and streaming company enters a copper stream for production at the Mimbula copper mine in Zambia for $50 million in cash. Mimbula is owned by Moxico Resources PLC. Says the stream will cover Mimbula’s existing reserve-based 11-year life of mine with potential for additional extension. Expects the acquisition to be immediately ‘accretive to earnings per share and free cash flow per share’, and to bring increased exposure to a ‘strong fundamental copper outlook’. Expects to complete the deal ‘within the coming days’. Company has triggered $30 million of its revolving credit facility’s $75 million accordion feature, bringing its total committed borrowing facility to $180 million with approximately $55 million undrawn.
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VPC Specialty Lending Investments PLC, up 1.8% at 27.9p, 12-month range 26.4p-54.6p. The asset-backed lending solution provider declares a 1.06 pence per share interim dividend for the quarter ended December 31, down from 2.00p for the same quarter in 2023. Also announces that it fully repaid and terminated its gearing facility on Monday, using the proceeds from selling both a legal finance investment at its December 31 carrying value and FinAccel Pte Ltd asset backed investments at par, plus accrued interest. The transactions generated $29.0 million in total, VPC Specialty Lending notes.
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SMALL-CAP - LOSERS
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Macfarlane Group PLC, down 1.4% at 106p, 12-month range 104p-145p. The Glasgow-based packaging company reports revenue of £270.4 million for 2024, down 3.7% from £280.7 million in 2023. Pretax profit however increases 3.0% to £20.9 million from £20.3 million. Dividends for the year total 3.66p per share, up 1.9% from 3.59p, including a proposed final dividend of 2.70p, also up 1.9%, from 2.65p a year before. Adjusted pretax profit, or profit before tax, customer relationships and brand values amortisation, and deferred contingent consideration adjustments, decreased 3.4% to £25.0 million from £25.8 million. Company says Packaging Distribution revenue decreased by 7% to £228.8 million, noting continued weak customer demand and selling price deflation. Chair Aleen Gulvanessian says the markets in which it operates ‘have been challenging throughout 2024’ but that ‘the management team has responded effectively, enabling the business to produce a profit performance for the year in line with market consensus’. Macfarlane expects 2025 to ‘to be another challenging year within the markets in which we operate, particularly with increased employment costs resulting from the recent UK budget and the introduction by the UK government of extended producer responsibility fees’.
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