10th Mar 2021 10:53
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.
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SMALL-CAP - WINNERS
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Kin & Carta PLC, up 8.5% at 160.50 pence, 12-month range 46p-168.46p. The business consultancy firm reports a decline in interim revenue but says it is on track for full-year expectations. Revenue for half-year to January 31 falls to GBP77.1 million from GBP84.1 million a year ago, with pretax loss steady at GBP6.4 million versus GBP6.5 million. Says recovery from pandemic showing "sustainable momentum", and says strong demand gives board confidence in achieving significant growth in the second half and meeting full-year expectations. "Trading at the start of the second half underpins these expectations as market demand for our services continues to increase in all of our regions, as evidenced by our growing pipeline and record backlog," company says.
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Tullow Oil PLC, up 3.8% at 53.94p, 12-month range 7.17p-57.32p. The oil and gas company says it has been reviewing its business plan and operating strategy with creditors and their advisers, and the plan is expected to generate material cash flow and create a "solid foundation" to address near-term debt maturities. "The combination of strong business delivery, increased liquidity, recent asset sales and higher commodity prices is providing a positive impetus to constructive discussions with creditors. The group is confident that a mutually satisfactory agreement on debt refinancing can be reached in the first half of this year," says Tullow. Total revenue for 2020 USD1.40 billion, down from USD1.68 billion in 2019, while pretax loss narrows to USD1.27 billion from USD1.65 billion.
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Restaurant Group PLC, up 3.6% at 114.25p, 12-month range 20.26p-134.1p. The casual dining chain owner announces plans for a GBP175 million capital raise. The funds will be raised via a firm placing of 95.3 million shares and a placing and open offer of 79.7 million shares. The fundraise will be priced at 100 pence per share, which the company says is an 11% discount to Tuesday's closing middle market price of 111.7p. It is the second equity raise for Restaurant Group since the pandemic first closed sit-down restaurants. The company raised GBP57 million back in April. Paul Ruddy, leisure analyst at Goodbody, comments: "Restaurant Group's announcement of a GBP175 million capital raise to facilitate the acceleration of the group's medium term leverage target will place the group in a strong position to benefit from the wider recovery of the sector by providing flexibility to invest and grow the business."
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SMALL-CAP - LOSERS
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Photo-Me International PLC, down 8.9% at 50.19p, 12-month range 32.5p-84.2p. The operator of instant-service equipment, such as photobooths and self-service laundry, reports revenue of GBP186.3 million for 12 months to October 31 versus GBP232.2 million in the prior period, swinging to pretax loss of GBP27.8 million from GBP44.9 million profit. Expects revenue of GBP175 million in the 2021 financial year and profit before tax and exceptional items of GBP9.0 million.
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TT Electronics, down 5.1% at 204.02p, 12-month range 135.75p-284.85p. The engineered electronics and manufacturing services company's revenue for 2020 slides to GBP431.8 million from GBP478.2 million, while pretax profit shrinks to GBP2.9 million from GBP13.2 million. Says performance has been on a recovering trend since pandemic hit, which strengthened in the fourth quarter.
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By Lucy Heming;Â [email protected]
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