11th May 2022 11:06
(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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Bank of Georgia Group PLC, up 5.7% at 1,232.00 pence, 12-month range 1,668.00p-986.00p. Pretax profit in first quarter rises to GEL265.1 million, about GBP70.9 million, from GEL152.3 million in the same period the year prior. Operating income jumps 30% in three months to March 31 to GEL395.7 million from GEL303.6 million, with net interest income growing 28% to GEL271.5 million from GEL212.3 million. Net interest margin improves to 5.3% from 4.5%. "Strong top- and bottom-line growth was supported by the resilience of the Georgian economy in the face of the regional challenges. At the start of the war in Ukraine, we initially revised our GDP growth expectation for Georgia for 2022 down to around 3.0%, with downside risks if the conflict became prolonged. As the last two months have evolved, however, Georgia's economy has experienced strong growth momentum supported by resilient external inflows," bank explains.
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SMALL-CAP - LOSERS
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Dignity PLC, down 8.0% at 459.95 pence, 12-month range 459.95p-940.00p. The funeral services provider said its underlying operating profit in the 13 weeks to April 1 slumped to GBP9.0 million from GBP27.1 million in the 13-week period to March 26, 2021. Underlying revenue dropped to GBP73.9 million from GBP94.7 million. "Operating performance in the first quarter was weak due to the lower number of deaths than the corresponding period last year and lower average revenues per funeral following the move to more competitive pricing in September 2021," company explains. Deaths were down 19% to 166,000 from 204,000. Adds: "A number of difficult operational changes were implemented in January 2022, including closure-reduction in the size of key central departments, with a view to reset and restructure in line with our new strategy. We are likely to see significant long-term cost savings as a result, however, the impact of these changes will take time to manifest in our overall financial position."
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By Paul McGowan; [email protected]
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