The following stocks are the leading risers and fallers among London Main Market small-caps on Monday.
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SMALL-CAP - WINNERS
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Gulf Marine Services PLC, up 4.0% at 18.25 pence, 12-month range 4.19p-18.43p. Gulf Marine extends a contract for one of its vessels which is currently operating in the Middle East, alongside receiving a letter of award for a separate vessel in the region. The provider of self-propelled and self-elevating support vessels for the offshore oil, gas, and renewable energy sectors says the two awards span a combined period of 5.2 years. Its total backlog has now reached $373 million, which represents 2.45 times its revenue in 2023. Given the improved visibility, Gulf Marine says it has raised its guidance for adjusted earnings before interest, tax, depreciation and amortisation in 2024 to a range of $92 to $100 million, from the prior range of $87 to $95 million. ‘It confirms the continuous demand for our vessels and the improvement in day rates and backlog. This is also likely to have a positive impact not only on 2024 results but well beyond. We are hoping to revisit our 2025 Ebitda guidance in the second half of 2024,’ comments Executive Chair Mansour Al Alami.
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SMALL-CAP - LOSERS
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Vanquis Banking Group PLC, down 36% at 79.60p, 12-month range 66.93p-245.40p. The lender warns that income and pretax profit in 2024 will be substantially below market expectations as it deals with a flood of claims over motor finance deals. It also intends to slash the dividend. Vanquis says that while it is not part of Financial Conduct Authority investigations in motor financing, it has seen ‘significant levels of third-party complaint submissions’. It cautions that even though the ‘vast majority’ of complaints are not upheld, rising costs of reviewing them will ‘materially’ impact profits. In January, the UK financial services watchdog said it was probing whether compensation could be due for people who were potentially overcharged for car loans. Vanquis also warns that income in 2024 is expected to be ‘materially’ lower than the £583.3 million expected by analysts, as it redevelops its products and pricing.
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Marston’s PLC, down 1.0% at 29.55p, 12-month range 26.80p-39.62p. British Land Co PLC says it has appointed Marston’s Chair William Rucker as chair designate, with Rucker leaving the Marston’s board as a result. Rucker will leave the board of pub operator Marston’s on July 8, ‘in view of his other increased business commitment’, Marston’s confirms on Monday. Senior Independent Director Octavia Morley will lead the search for Rucker’s successor.
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