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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Gulf Keystone Petroleum Ltd, up 2.0% at 178.82 pence, 12-month range 160.83p - 321.00p. Says that higher oil prices and production allowed it to generate ‘record’ profitability in 2022. The Iraq-focused oil field operator posts a pretax profit of $265.8 million in 2022, up from $163.7 million in 2021. Revenue for the year totals $460.1 million, up from $301.4 million a year prior, as Gulf Keystone’s average realised price per barrel jumps 49% to $74.1 from $49.7 the year prior. Gross average production for 2022 amounts to 44,202 barrels of oil per day, up from 43,440 bopd in 2021 and in-line with annual guidance.
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SMALL-CAP - LOSERS
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Amigo Holdings PLC, down 77% at 0.39 pence, 12-month range 0.16p - 9.99p. The mid-cost credit provider says that its trading subsidiary, Amigo Loans Ltd, will stop lending immediately and is winding down. The wind-down of the business, during which the existing loan book will continue to be collected, will last for around 12 months. The decision comes as the company concludes that a new scheme of arrangement, followed by a lower capital raise, is ‘highly unlikely’, and the significant associated costs would therefore cause ‘avoidable detriment’ to its scheme creditors in the event the new scheme and capital raise are unsuccessful. As a result, Amigo switches from the scheme of arrangement sanctioned by the High Court in May 2022 to the fallback solution of a wind-down.
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Pollen Street PLC, down 1.0% at 549.40 pence, 12-month range 510.00p - 960.00p. Says asset under management grew in 2022 following a ‘transformative year’ in which Pollen Street Capital Holdings Ltd and Honeycomb Investment Trust PLC combined to form Pollen Street, completed in September. Posts pretax profit of £26.8 million in 2022, down from £30.3 million in 2021. Assets under management in the year grow to £3.4 billion at December 31 from £3.0 billion at the same time a year prior, supported by a 36% rise in credit AuM. Net asset value at December 31 drops to 899.5p from 1,019.1p at the same time a year prior. Net investment asset return over the year is 8.0%, down from 8.5% the year prior.
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