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The following stocks are the leading risers and fallers among London Main Market small-caps on Friday. ---------- SMALL-CAP - WINNERS ---------- Hydrogen Utopia International PLC, up 13% at 2.60 pence, 12-month range 4.30p-0.87p. The developer of technology to convert non-recyclable waste plastics into hydrogen says its relationship with Saudi Investment Recycling Co has ‘advanced rapidly’ since it started operations with the national authority for waste management in July. It says SIRC has moved to technical and commercial evaluation of the InEnTec waste-to-hydrogen technology. ‘This advancement underscores the strong strategic alignment between InEnTec’s technology and the Kingdom’s Vision 2030 objectives, including landfill diversion, hydrogen production, circular-economy expansion and industrial competitiveness,’ the firm says. ---------- Phoenix Spree Deutschland Ltd, up 6.2% at 176.50p, 12-month range 177.50p-148.00p. The investor specialising in Berlin residential real estate completes the refinancing of all of its debt facilities. It agrees a new €255.0 million, five-year, interest-only term loan at 210 basis points over 3-month Euribor. The company says restrictions on condominium sales and distributions to shareholders have lifted. The firm adds that year-to-date condominium notarisations are at €30.2 million, ahead of its 2025 target of €30 million. Phoenix Spree says it intends to return capital to shareholders through a share redemption programme, starting in 2026. ‘We have exceeded our 2025 condominium sales target ahead of schedule and at a premium to latest balance sheet carrying values. Our successful refinancing, together with strong progress in condominium sales, gives us confidence in delivering on our strategy of realising assets and returning capital to shareholders,’ says Chair Robert Hingley. ---------- SMALL-CAP - LOSERS ---------- Evoke PLC, down 3.6% at 28.25p, 12-month range 77.20p-27.50p. Berenberg lowers its rating of the Gibraltar-based betting and gaming operator and owner of the William Hill and 888 brands to ’hold’ from ’buy’. It cuts the price target to 33p from 95p. In the wake of the UK government’s budget, Evoke warns that it will increase its duty costs by between £125 million and £135 million on an annualised basis, once fully implemented from April 2027. Berenberg believes Evoke is in a ‘tricky position’ and the rise in UK taxes leaves it ‘little room for error’. It means Evoke must execute ‘flawlessly’ to successfully navigate the tough backdrop. ‘With that in mind, we see little scope for the multiple to rerate and, with an uncertain earnings outlook, we cut our recommendation to hold and our price target to 33p,’ it says. ---------- Copyright 2025 Alliance News Ltd. All Rights Reserved.
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