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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Hyve Group PLC, up 6.4% at 61.15 pence, 12-month range 46.76p-152.10p. Acquires New York-based fintech events organiser, Fintech Meetup, for an initial consideration of $5 million. Two subsequent considerations of up to $50 million are payable in 2024 and 2025 based on Fintech Meetup’s performance. The initial consideration and follow-up earn-out payments are expected to be funded from cash reserves and debt facilities. Hyve expects the acquisition to be earnings enhancing in the first full year of ownership.
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SIG PLC, up 5.1% at 39.10 pence, 12-month range 33.00p-63.55p. Reports increased annual revenue and a narrowed loss for 2021 and said it was trading ahead of ‘ahead of plan’ this year. In 2021, the company narrowed its pretax loss to £15.9 million from £194.6 million in 2020. This was on a revenue rise of 22% to £2.29 billion from £1.87 billion the year before. SIG credited this growth to a strong recovery from the impact of Covid-19 in 2020. The effective implementation of its Return To Growth strategy, market share gains, margin discipline, and inflationary tailwinds also contributed to the result, it said. The company reported that it is trading ‘well’ and ahead of its plan to date, helped by a continuation of the robust demand seen in late 2021. The company said it is confident in achieving a 3% group operating margin for 2023 and growing it towards 5% in the medium term.
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PYX Resources Ltd, up 11% at 70.80 pence, 12-month range 56.00p-99.70p. Nets initial $4.5 million from placement to US institutional investor. Will then receive two additional investments of $4.5 million each from the same investor, L1 Capital Global Opportunities Master Fund. ‘The receipt of these funds will allow PYX to accelerate its previously announced plans to grow its production volume at its Mandiri deposit and start planning operations at the Tisma deposit. The placement will be used for capex and working capital,’ company says.
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