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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Gulf Marine Services PLC, up 19% at 20.30 pence, 12-month range 7.52p-24.60p. The provider of self-propelled and self-elevating support vessels, serving offshore oil, gas and renewable energy projects, says it will reinstate its dividend. It approves a payout policy of distributing 20% to 30% of annual adjusted net profit in dividends and potentially share buybacks. The firm’s last dividend was a final one for 2016. In addition, it says it struck a deal with First Abu Dhabi Bank, Commercial Bank of Dubai, and HSBC Bank to refinance its current bank debt. ‘The three banks, two of which are current lenders, will have an equal participation to the term loan and to the working capital facility,’ it adds. The facility includes a term loan worth $250 million.
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Vanquis Banking Group PLC, up 7.3% at 58.80p, 12-month range 42.61p-134.80p. The lender, formerly called Provident Financial, earmarks additional £15 million in cost savings by the end of next year. It adds that £60 million of previously announced cost savings by the end of 2024 are on track to be achieved. Chief Executive Officer Ian McLaughlin says the firm’s ‘financial position is now clearer and more stable’ following a review of vehicle finance receivables. Total income in the first half of 2024 slips 1.3% to £234.0 million from £237.1 million, Vanquis says. Its pretax loss worsens to £46.5 million from £21.9 million a year prior. Vanquis does not propose an interim dividend, after a 5p payout a year prior. In July, it said a review found a £29 million downward revaluation of stage 3 balances and charged off assets in the Vehicle Finance portfolio. It reported a further £11 million hit related to the write-down of development costs for a ‘now redundant’ mobile app, as well as property dilapidations.
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SMALL-CAP - LOSERS
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Triad Group PLC, down 2.1% at 280.00p, 12-month range 105.00p-320.00p. The stock goes ex-dividend on Thursday, meaning new buyers do not qualify for the latest payout.
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