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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Gulf Marine Services PLC, up 2.6% at 15.6 pence, 12-month range 12.4p-24.6p. Announces update to earnings before interest, tax, depreciation and amortisation guidance for 2024 and 2025. Company previously guided for adjusted Ebitda between $98 million and $100 million for 2024; it now expects to reach the upper end of this range. For 2025 it expects between $100 million and $108 million, up from its previous forecast of $92 million to $100 million. Executive Chair Mansour Al Alami says: ‘Strong demand for our vessels continues to drive solid results. Both forecasted utilisation rates and contracted daily charter rates will enable us to achieve the above guidance.’
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Phoenix Spree Deutschland Ltd, up 2.9% at 170.5p, 12-month range 124.5p-182.5p. Says it has agreed amended financing terms with its principal lender. This will enable it to ‘accelerate significantly its condominium sales programme, targeting annualised sales of €50 million from 2025’. As part of the agreement it is planning the disposal of a special purpose vehicle owning 16 buildings with 385 units for €75.9 million to funds managed by Partners Group. Says it plans to bring forward its continuation vote date, and will also propose amendments to its investment objective and policy ‘to facilitate an orderly portfolio liquidation that balances timely capital returns with value optimisation’. Also notes a debt reduction to €257.9 million at June 30 from €316.7 million, reducing its net loan-to-value ratio to 42.7% from 46.5%.
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SMALL-CAP - LOSERS
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Capita PLC, down 7.3% at 16.17p, 12-month range 12.5p-22.7p. Says its 2024 outlook for adjusted operating profit is unchanged, with the margin forecast to rise 50 basis points ‘largely driven by cost reduction initiatives’. Adds that it is ‘increasingly confident’ it will deliver its medium-term operating margin target of 6% to 8%. Says however that the UK government’s planned national insurance increase will cost an additional £20 million per year. Expects ‘a broadly flat revenue performance’ in 2025, since this year it has ‘accelerated the exit from lower margin activities, including the sale of our Mortgages Asset Services business which we expect to complete in [the second quarter of] 2025...We will continue to exit those activities that are either low-margin or where we have a limited right to win.’
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