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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Reach PLC, up 27% at 91.45 pence, 12-month range 59.1p-107.6p. The newspaper and magazine publisher says fourth-quarter trading was strong, so it expects 2024 results to be ahead of current market expectations. The company-compiled market consensus includes adjusted operating profit of £97.8 million. Reach expects to report full-year results on March 4. Also, it has completed the refinancing of its banking facilities which comprise a £145 million revolving credit facility with maturity period ending in December 2028. Says the RCF also includes a £72.5 million uncommitted accordion facility. Finally, it reports a ‘historical error’ discovered as part of due diligence to prepare its West Ferry Printers Pension Scheme for buyout which will result in an additional funding requirement of around £5 million.
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SMALL-CAP - LOSERS
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Capital Ltd, down 9.2% at 75.4p, 12-month range 75.4p-104p. The mining services company says 2024 revenue totals $348.0 million, up 9.3% on-year from $318.4 million but marginally below its guidance range of $355 million to $375 million. Says revenue for its drilling business has risen 11% to $239.1 million, showing another year of growth. Chief Executive Peter Stokes says: ‘2024 was a challenging year for the business, driven by material mining contracts coming to an end combined with delays in the ramp-up of new contracts...These delays have impacted both group revenue but also our margins with the start-up costs from these new business streams not yet fully supported by steady-state operations.’ Announces however a letter of intent from Barrick Gold Corp and Reko Diq to ‘significantly expand our service offering’ at a ‘major’ copper-gold project in Pakistan. Stockes comments: ‘With this award together with the operational and organisational changes we have implemented and will continue to implement over the first half of 2025, we see a clear pathway to putting the challenges of 2024 behind us.’
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City of London Investment Group PLC, down 9.1% at 345 pence, 12-month range 306p-399p. The trust, whose products invest primarily in closed-end funds, says funds under management totalled $9.9 billion at December 31, down 2.9% from $10.2 billion at June 30. Net investment outflows totalled $564 million. Company says: ‘Strong market returns over the six months led to client rebalancing, asset allocation changes, and included a large client drawing down cash management capital for acquisitions.’
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