SMALL-CAP WINNERS & LOSERS: Palace Capital sees revenue, profit fall

(Alliance News) - The following stocks are the leading risers and fallers among London Main ...

Alliance News 14 November, 2024 | 11:10AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.

----------

SMALL-CAP - WINNERS

----------

EnQuest PLC, up 2.4% at 11.69 pence, 12-month range 10.34p-17.02p. The oil and gas company, with operations in the UK and Malaysia, has repurchased 132,067 shares at an average price of 11.47 pence each for GBP15,148 in total. It bought back 107,547 of these on the London Stock Exchange and the rest on Chi-X, BATS and Turquoise. Says that since April 29 - when EnQuest started the up to USD15 million buyback announced with its full-year results in late March - it has repurchased 46.5 million shares at a total cost of almost GBP6.0 million.

----------

SMALL-CAP - LOSERS

----------

Palace Capital PLC, down 2.1% at 214p, 12-month range 200p-248p. The London-based property investor has announced first-half results, and its pretax loss has widened to GBP945,000 from GBP189,000 the prior year. Revenue has fallen 33% to GBP8.1 million from GBP12.1 million, and net property income totals GBP2.8 million, down 49% from GBP5.6 million. Palace has also declared a 7.5p per share dividend for the second quarter, unchanged from last year. Adjusted pretax profit came to GBP2.1 million, down on-year from GBP2.3 million, which "reflects the reduction in income following disposals offset by the significant reduction in finance costs and recurring administrative costs". Looking ahead, Palace Capital "has both flexibility and optionality over the timing of its disposal programme and its further returns of cash to shareholders" thanks to its "strong cash position". However the markets "remain challenging, particularly following the changes announced in last month's Budget".

----------

HydrogenOne Capital Growth PLC, down 0.2% at 26.85p, 12-month range 26.6p-62.5p. The clean hydrogen investment fund says the Berlin-Charlottenburg court has approved applications from HH2E AG and HH2E Werk Lubmin GmbH for self-administration proceedings. HH2E is a German green hydrogen project developer. Company has invested GBP7 million for an 11% shareholding in HH2E, valued at GBP11 million or 8% of its net asset value at September 30. The rest of the shareholding is held by Foresight Group funds plus HH2E's founders and employees. Foresight surprised HydrogenOne earlier this month by not approving an investment proposal to procure further funding for HH2E. It does not expect any recovery of its investment through the insolvency process. However it "expects to have sufficient funding to meet its investment commitments and current working capital requirements for at least 12 months". Notes that the UK government, in its recent Budget, committed over GBP6 billion to fund hydrogen and related projects. Meanwhile Germany's Federal Network Agency recently approved and plans to invest EUR19 billion in a new 9,040 kilometre hydrogen pipeline system, which HydrogenOne says is expected to become Europe's largest.

----------

By Emma Curzon, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
HydrogenOne Capital Growth Ord 23.65 GBX -0.21 -
Palace Capital PLC 218.00 GBX 0.00 -
EnQuest PLC 10.72 GBX -0.74 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures