(Alliance News) - 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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LSL Property Services PLC, up 13% at 308.00 pence, 12-month range 231.00p-355.00p. The provider of services to mortgage intermediaries and franchised estate agencies expects 2024 results "ahead of expectations and materially above" the prior year. It says second half trading was resilient. Revenue for 2024 of GBP173 million is expected, a rise of 20% from GBP144.4 million. Underlying operating profit is to be "significantly ahead of prior year and slightly ahead of the board's prior expectations". "Looking ahead, we remain confident about the group's prospects. Whilst current economic sentiment, higher interest rates, and the increase in employer NI costs constitute headwinds, we entered the year with stronger pipelines than in 2024 and January trading is in line with expectations. We will continue to invest further in each of our businesses to take advantage of the growth opportunities identified, and at this early stage of the year we expect to deliver an increase in profit for 2025 compared to 2024 in line with expectations, as our markets continue to normalise," LSL adds. The firm names Adam Castleton, its current finance chief, as its next chief executive officer. David Stewart had announced his intention to retire from the LSL board. Castleton takes on the CEO post on May 1. "The nominations committee has agreed a process to identify and appoint a new CFO, and will make a further announcement in due course," LSL adds.
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Ceres Power Holdings PLC, up 6.3% at 145.10 pence, 12-month range 126.40p-312.00p. Shares in the clean energy technology developer climb after Goldman Sachs raises it to 'buy' from 'neutral'. Ceres Power on Wednesday predicted 2024 revenue at the upper end of previous guidance of GBP55 million to GBP60 million, a rise from GBP22.3 million in 2023.
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Saga PLC, up 4.4% at 119.20 pence, 12-month range 93.40p-158.70p. The provider of services to people aged 50 and over expects annual profit growth, and it announces a refinancing of its corporate debt. Underlying pretax profit in the year, which concludes on Friday, is to be "marginally" higher than 12 months prior on a like-for-like basis. It will be "ahead of our previous guidance", Saga adds. "As we look ahead, we expect the momentum to continue to build in our Cruise and Travel businesses. As previously outlined, we anticipate that Insurance Broking earnings will fall in the short-term, ahead of the start of the partnership with Ageas, but are pleased that work on the transition is on track to allow the new arrangement to go live Q4 2025," Saga says. The firm says it has agreed new credit facilities with certain funds and accounts on HPS Investment Partners' direct lending platform. The facilities will "materially enhance the group's liquidity position, significantly increase covenant headroom and provide funding certainty as the group moves to execute its growth plans". The financing includes a GBP335.0 million term loan, which will go towards repaying its GBP250.0 million senior unsecured notes which mature in July 2026. It will also repay GBP75.0 million of drawings under a GBP85.0 million loan facility with Chair Roger De Haan. Saga also announces a GBP100.0 million delayed-draw term loan facility that is available for three years and a GBP50.0 million revolving credit facility.
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SMALL-CAP - LOSERS
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Ricardo PLC, down 22% at 273.40p, 12-month range 269.00p-536.22p. The environmental and engineering consulting firm reports order delays mean its annual outturn will be below consensus. Ricardo adds: "We still expect to see good group organic underlying profit growth for the year, in addition to the profit from the acquisition of E3 Advisory." Ricardo will report results for the half-year to December 31 on March 5.
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XP Power Ltd, down 3.3% at 1,263.50p, 12-month range 884.00p-1,758.00p. The maker of power control systems notes a US judge rules that the firm must be USD19 million worth of fees and pre-judgement interest amid a legal matter with Comet Technologies USA Inc. "While there was always a range of potential outcomes, this ruling was disappointing and has required us to reconsider our provision, increasing it by USD10 million to include pre and post judgement interest for the expected period until the appeal concludes," XP Power says. "XP Power has already lodged documentation for an appeal against the original judgement and now plans to progress the appeal process. Further announcements will be made as appropriate."
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By Eric Cunha, Alliance News news editor
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