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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Sabre Insurance Group PLC, up 7.2% at 132.97 pence, 12-month range 123.00p-183.60. The motor insurance underwriter reports improved 2024 earnings and announces a share buyback. Pretax profit in 2024 more than doubles to £48.6 million from £23.6 million. Gross written premiums are up 5.0% to £236.4 million from £225.1 million. ‘We are extremely pleased with our performance in 2024, demonstrating strong cycle management over the past twelve months. We grew strongly in the first half of the year when market conditions were attractive, and we maintained our strict underwriting discipline despite a steep decline in market prices during the second half,’ Chief Executive Officer Geoff Carter says. ‘This allowed Sabre to deliver a strong financial performance and robust capital position for the business. We were delighted to announce our Ambition 2030 growth strategy in December last year and are encouraged by the early progress we have made as we continue to invest in the growth of the business.’ Sabre doubles its final dividend to 8.4p per share from 4.2p. Its total ordinary dividend is up almost double to 10.1p from 5.1p. It proposes a 2.9p special dividend, down from 3.9p. Its total dividend for the year amounts to 13.0p, up 44% from 9.0p. Sabre is to execute its first share buyback, worth about £5 million.
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SMALL-CAP - LOSERS
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Close Brothers Group PLC, down 22% at 271.55p, 12-month range 179.83p-564.00p. The merchant banking firm reports a swing to a first half loss after booking a chunky provision related to motor finance commissions. Its pretax loss amounts to £103.0 million, swinging from profit of £88.1 million. Operating income weakens 0.3% to £390.0 million from £394.5 million. ‘In light of recent developments in relation to motor finance commissions, the group has reviewed its accounting assessment of these matters. As a result, the group recognised a provision in relation to motor finance commissions of £165 million in the first half. This includes estimates for certain potential operational and legal costs, as well as estimates for potential remediation for affected customers,’ Close Brothers says.
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RM PLC, down 10% at 90.12p, 12-month range 51.00p-119.00p. The supplier of technology and resources to the education sector swings to a pretax loss in the financial year to November 30 of £12.1 million, from profit of £12.4 million in financial 2023. Revenue falls 5.5% to £166.1 million from £175.9 million. ‘Trading in the first months of the year has been in line with the board’s expectations and the full-year outlook remains in line with market expectations,’ RM adds.
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