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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Seraphim Space Investment Trust PLC, up 5.7% at 55.82 pence, 12-month range 26.00p-61.80p. The space technology-focused investor reports a rise in net asset value for the six months to December 31. ‘With the existential challenges posed by heightened geopolitical tensions and climate change, the counter-cyclical nature of the space sector continues to result in it outperforming the wider market,’ Chair Will Whitehorn says. NAV per share grows 1.8% to 94.57p from 92.90p on June 30. Year-on-year, it rises 2.0% from 92.74p. Whitehorn adds: ‘The portfolio overall remains well capitalised, with multiple key holdings now indicating they have sufficient cash reserves to operate through to cashflow breakeven. We are also encouraged that several of our more mature holdings are now either already, or are projected to become during 2024, earnings before interest, tax, depreciation and amortisation positive, including our largest holding, ICEYE.’ ICEYE, Seraphim describes, is the operator of the ‘world’s first and largest constellation of miniaturised satellites’ that uses radar imagery to observ the earth during the night, day and even through clouds.
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Gym Group PLC, up 6.6% at 116.86 pence, 12-month range 81.50p-132.60p. The gym operator reports an increase in 2023 revenue and a narrowed loss. Revenue rises 18% to £204.0 million from £172.9 million. Its pretax loss narrows to £8.3 million from £19.4 million. Average member numbers were 8% higher throughout the year. It has seen a ‘good start to trading’ in 2024, with revenue up 16% over the first two months. Like-for-like revenue in 2024 is to increase by 4%-5% overall and it plans to open between 10 and 12 new sites this year.
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SMALL-CAP - LOSERS
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Vanquis Banking Group PLC, down 3.1% at 55.64p, 12-month range 54.40p-245.40p. Shares in the lender fall again, extending its losing streak to four days and hitting this 12-month low. It had plunged 50% on Monday after it warned income in 2024 would be substantially below market expectations. Vanquis said that it is not part of Financial Conduct Authority investigations in motor financing. Nonetheless, it has seen ‘significant levels of third-party complaint submissions’.
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