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SMALL-CAP WINNERS & LOSERS: Capita removes pressure on balance sheet

2nd Mar 2023 10:32

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.

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SMALL-CAP - WINNERS

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Capita PLC, up 9.4% at 31.87 pence, 12-month range 19.9p-32.4p. The outsourcing services provider says that despite declining operating performance, it reduced its net debt on December 31 by 45% to GBP482.4 million from GBP879.8 million a year earlier. "Balance sheet pressure has now been removed, allowing management to properly focus on a positive development trajectory," Shore Capital analysts explain. Reports annual pretax profit droppes 79% to GBP61.4 million from GBP285.6 million in 2021, while revenue decreases by 5.3% to GBP3.01 billion from GBP3.18 billion.

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SMALL-CAP - LOSERS

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Funding Circle Holdings PLC, down 4.2% at 57.5p, 12-month range 29.68p-82.1p. The lender to small businesses swings to a pretax loss of GBP12.9 million in 2022 from GBP64.1million profit in 2021. Loan originations in 2022 fall 35% to GBP1.5 billion, as loans-under-management fall 16% to GBP3.7 billion. Total income drops sharply to GBP148.7 million from GBP206.9 million. "We were prudent in our lending in 2022, and will continue to be whilst conditions remain challenging — as expected in the UK in 2023, where we have pushed out our 2025 income targets by a year," says CEO Lisa Jacobs.

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Saga PLC, down 3.6% at 168.18p, 12-month range 71.1p-293.2p. The over-50s travel operator said it has terminated discussions with Australia's Open Insurance Technologies about a potential sale of Acromas Insurance, the underwriter of Saga's wider insurance business. The parties failed to reach an agreement. In late January, Saga confirmed it was seeking buyers for the underwriting business.

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By Elizabeth Winter, Alliance News senior markets reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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