Wednesday March 26, 09:26 AM
UK smallcap opening - Metal-Tech plunges on FY warning
LONDON (Thomson Financial) - Metal-Tech led small-cap fallers, plunging 38-1/2 pence to just 62-1/2 -- a 38 pct decline -- after the company, which produces and recycles speciality metals such as Tungsten and Molybdenum, said it will fall significantly
short of its full-year profit expectations as a falling US dollar raised cost of sales and operating costs.
Panmure Gordon placed its estimate and recommendation under review following the warning.
Also on the back foot, Bateman Litwin retreated 43 to 189 as the energy contractor warned second-half trading is being affected by capital market instability and expectations of reduced new contract awards at acquired unit Delta-T Corporation.
Meanwhile, the company reported a 135 pct jump in first-half pretax profits, and said it sees net income for the full year broadly in line with current market expectations.
Yesterday's final dividend omission and warning of delays in its recovery plan continued to unsettle Uniq (LSE: UNIQ.L - news) , 12 lower at 95-1/2, while Mobile Streams (LSE: MOS.L - news) dipped 1/4 to 4-3/4 in reaction to sharply higher full-year losses.
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