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Monday, June 17, 2024

Petrofac rises after winning Abu Dhabi order


(Alliance News) – The following stocks were the top gainers and losers among small caps in London’s main market on Monday.


Small Cap Stocks – Winners


Petrofac Ltd rose 3.4 percent to 81.67 pence, with a 12-month range of 45.38 pence to 127.60 pence. Jefferies raised its price target on the energy infrastructure company’s shares to 80p from 70p previously and maintained a “hold” rating. On Friday, the company announced it had won a contract worth about $700 million. ADNOC Gas Processing Company, a subsidiary of ADNOC, has chosen to design, procure and build a new gas processing plant at ADNOC’s Hab Hill complex, west of Abu Dhabi.


Porvair PLC, up 3.1 percent to 653.52 pence, within a 12-month range of 481.00 pence to 700 pence. The filtration and separations-focused maker reported an 18% rise in pre-tax profit to £11.2m in the six months to May 31, from £9.5m the previous year. Revenue rose 10% to £90.6m from £82.3m the previous year. Declared an interim dividend of 2.0p per share, up from 1.9p per share last year. Chief executive Ben Stocks said he expected 2023 results to be ahead of 2022. “The board expects the momentum from a strong start to 2023 to deliver satisfactory results this year and is confident in the long-term prospects,” he added.


Small Caps – Losers


Ricardo PLC, down 1.7 percent to 562.50 pence, with a 12-month range of 325 pence to 606.0 pence. The environmental and engineering consultancy said Judith Cottrell joined the company on Saturday and will start as chief financial officer at the end of September. She was previously Group Finance Director of RPS Group PLC.


By Elizabeth Winter, Senior Market Reporter, Alliance News

Comments and questions please send to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. all rights reserved.


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