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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Kingspan Group PLC, up 6.7% at €63.78, 12-month range €43.72 - €96.52. The building materials company posts higher revenue and profit in 2022, despite experiencing a ‘bumpy’ year. Pretax profit rises 8.4% to €746.6 million from €689.0 million in 2021. Revenue is €8.34 billion, up 28% from €6.50 billion a year ago. Kingspan declares a final dividend per share of 23.8 cents, which is lower compared to last year’s final dividend of 26.0 cents. However, the total dividend for the year rose 7.6% to 49.4 cents from 45.9 cents. Looking ahead, Kingspan says it is ‘difficult’ to predict in the current environment. It expects a ‘broadly similar’ trading profit in the first quarter of 2023 to that of 2022. The company adds that it is mindful of a more demanding comparative to come in the second quarter.
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Canadian Overseas Petroleum Ltd, up 5.1% at 7.49 pence, 12-month range 4.50p - 49.00p. Issues 6.3 million shares for a conversion of $1.0 million in 2024 bonds. Also issues 8.5 million shares in accordance with a share settlement option for a settlement of $750 million in conversion payments due in respect of two converted 2024 bonds and four converted 2025 bonds. Canadian Overseas is an oil and gas exploration, development and production focused on Canada and the US state of Wyoming.
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SMALL-CAP - LOSERS
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EnQuest PLC, down 11% at 18.94 pence, 12-month range 18.58p - 37.35p. Predicts lower production in 2023 and defers its Kraken drilling programme. Reports average production of 47,259 barrels of oil equivalent per day in 2022, up 6% from 2021 production. However, citing high inflation, Enquest expects to report operating expenditure of around $400 million, increased by 25% from $321.0 million in 2021. Looking forward, average net production is expected between 42,000 boepd and 46,000 boepd in 2023, down from 2022’s level. EnQuest says, in response to changes in the UK Energy Profits Levy, it has ‘further optimised’ its capital programme for 2023, deferring its Kraken drilling programme. EnQuest is an oil and gas production and development company with operations in the UK North Sea and Malaysia.
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SolGold PLC, down 4.9% at 13.14 pence, 12-month range 12.95p - 40.75p. The copper-gold project developer acknowledges delays in the closing of its merger with Cornerstone Capital Resources Inc. Closing remains subject to the publication of a prospectus by SolGold. Explains that, due to Canadian regulatory requirements, it was required to publish its interim financial results for the half-year ended December 31 by Tuesday. Given this, SolGold says these results are required to be incorporated into the UK prospectus, and therefore the company will resubmit the prospectus. Expects the transaction to close during the week beginning February 27.
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