|
The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday. ---------- SMALL-CAP - WINNERS ---------- Ferrexpo PLC, up 2.1% at 46.45 pence, 12-month range 38.15p-124.00p. The Baar, Switzerland-based iron ore producer in Ukraine swings to a pretax loss of $186.9 million in the six months to June 30 from a $75.7 million profit the year before, as revenue declines 17% to $452.6 million from $548.5 million. Operating expenses increase 26% to $641.3 million from $508.4 million. Total commercial production in the first half falls 8.1% to 3.4 million tonnes from 3.7 million tonnes a year earlier. ‘We started the year on a strong footing, with the best quarterly production since the full-scale invasion of Ukraine in February 2022. This momentum, was, however, significantly curtailed in the second quarter as we were forced to downscale our activities due to the decision by the Ukrainian tax authorities’ to suspend the refund of VAT to our Ukrainian subsidiaries. This is reflected in a 40% drop in production in the second quarter compared to the first quarter,’ explains interim Executive Chair Lucio Genovese. Looking ahead, Ferrexpo says its outlook for the second half is ‘challenging’. Though iron ore prices staged a ‘small recovery’ in July, Ferrexpo says it will continue to operate at ‘reduced levels’ as long as the refund on VAT has not been received. ‘Representations are being made to the Ukrainian authorities to restore VAT refunds, in addition to other international stakeholders,’ the company says. ---------- SMALL-CAP - LOSERS ---------- Videndum PLC, down 37% at 66.89p, 12-month range 28.30p-362.50p. The provider of hardware and software for broadcasters, film studios and other media content creators reports a pretax loss of £22.9 million for the six months that ended June 30, widened from a £10.8 million loss the year before. Revenue sinks 25% to £115.4 million from £153.3 million, dragged down by ‘weaker’ US revenue as a result of tariff uncertainty among clients. ‘Group revenues were weaker in Q2 2025 than the board’s expectations at the time of the FY24 results in April 2025,’ says Executive Chair Stephen Harris. ‘However, much of the adjusted operating profit impact caused by the revenue shortfall was offset by the restructuring and cost management programmes previously announced.’ Videndum remains ‘on course’ for around £15 million in savings for 2025, with about £6 million already achieved during the first half. Harris continues: ‘The ongoing uncertain economic environment and the increased trading volatility due to US tariffs has led to a deterioration in the group’s visibility of the potential outcome for FY25.’ ---------- Tullow Oil PLC, down 16% at 11.98p, 12-month range 11.00p-30.34p. The oil and gas producer in the West African countries of Ghana and Ivory Coast swings to a pretax loss of $49.9 million for the six months to June 40, from a $254.3 million profit the year before. This is due to revenue falling 38% to $410.6 million from $665.5 million and a £39.4 million provisions reversal in the prior year against none to date in 2025. Working interest oil and gas production in the first half slipped 22% to 50,000 barrels of oil equivalent per day from 63,700 boepd, while the realised oil price after hedging is $69.00 per barrel, down 11% from $77.70 a year earlier. ‘Our 2025 strategic priorities remain clear: refinancing our capital structure, optimising production, increasing reserves, and completing the sale of our Kenyan assets, having already realised $300 million proceeds from the sale of our portfolio of assets in Gabon,’ says Chief Financial Officer & interim Chief Executive Officer Richard Miller. ‘In the second half of the year we are focussed on refinancing our capital structure, production optimisation activities and continuing to optimise our cost base, which combined with the progress in the first half of the year will help unlock Tullow’s intrinsic value.’ ---------- Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
