16th Jul 2024 10:55
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.
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SMALL-CAP - WINNERS
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Petra Diamonds Ltd, up 3.1% at 35.27 pence, 12-month range 34p-77.1p. The diamond mining group reports a double-digit annual percentage rise in carats sold and revenue. Updating on its operations for the financial year ended June 30, says carats sold jump 36% on-year to 3.2 million, while revenue is up 13% to USD366 million from USD324 million. Warns diamond market weakness to persist over 2024, though it expects a "modest" recovery in 2025.
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Bloomsbury Publishing PLC, up 0.8% at 719.38p, 12-month range 365p-726p. The publishing house, whose titles include the Harry Potter series, says it is trading in line with recently upgraded expectations, with a strong performance in the first four months of its financial year, which runs to the end of February next year. Bloomsbury put current consensus market expectations at profit before tax and special items of GBP37.6 million on revenue of GBP319.3 million. This would be down from GBP48.7 million profit on GBP342.7 million in revenue in financial 2024. Bloomsbury is holding its annual general meeting on Tuesday.
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SMALL-CAP - LOSERS
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Vanquis Banking Group PLC, down 7.2% at 49.19p, 12-month range 42.61p-191.2p. The lender, formerly called Provident Financial, warns of impairments ahead of its interim results for the six months to June 30. Says GBP29 million relates to a downward revaluation within vehicle finance portfolio, with a further GBP11 million related to the write-down of development costs for its redundant mobile app, as well as property dilapidations. Now does not expect to meet full-year guidance of a low single digit return on tangible equity, nor its target Tier 1 ratio range of 19.5% to 20.5% - though the firm says it will remain "well above" its regulatory capital requirement. "The group's financial position is now clearer and more stable, with focus now on deploying capital for profitable receivables growth," Vanquis says. The firm will update further on August 1 alongside its interim results.
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By Elizabeth Winter, Alliance News deputy news editor, Global services
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