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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Kenmare Resources PLC, up 44% at 397 pence, 12-month range 275p-397p. The Mozambique-focused titanium minerals and zircon producer announces that it has received a non-binding proposal from UAE-based Oryx Global Partners Ltd and Michael Carvill, together a consortium, for a potential all-cash takeover offer. The most recent proposal values Kenmare at 530p per share, a 93% premium to its closing price of 275.00p on Wednesday. The consortium has until April 17 to announce a firm intention to make an offer for Kenmare, or to confirm that it does not intend to make such an offer.
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SMALL-CAP - LOSERS
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Funding Circle Holdings PLC, down 4.4% at 99.4p, 12-month range 40.4p-146p. The London-based lending platform focused on small and medium enterprises reports revenue of £160.1 million for 2024, up 23% from £130.1 million in 2023. Swings to pretax profit before exceptional items of £3.4 million, or around £800,000 after exceptional items, against the previous year’s loss of £9.9 million. The £2.6 million in exceptional items is ‘related to the simplification and streamlining of the business announced in May’. Looking ahead, Funding Circle has ‘attractive opportunities’ and is ‘on track to deliver’ medium-term guidance of at least £200 million in revenue and £30 million in pretax profit in 2026. CEO Lisa Jacobs comments: ‘2024 was a transformative year for Funding Circle. We successfully executed our plan to build a simpler, leaner, and more profitable business while making strong progress in expanding our Term Loans and FlexiPay offerings. The results we are reporting today [are]...ahead of market expectations.’
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Hansard Global PLC, down 3.7% at 48.9p, 12-month range 43.7p-53.5p. Declares unchanged interim dividend of 1.8p per share for the six months ended December 31. Reports pretax profit of around £500,000, down 88% from £4.1 million the year before ‘due to currency movements, strategic investment, new IT system depreciation costs, and litigation costs’. Fees & commissions decreased to £21.3 million from £21.5 million, while investment & other income fell to £2.4 million from £3.1 million. New business sales in PVNBP terms however have increased 36% to £49.1 million from £36.2 million. CEO Thomas Morfett says: ‘There are early signs that our recently launched products and fund range are appealing to clients and advisors. Nevertheless, as we navigate continuing regulatory changes and a challenging financial landscape, we anticipate that it will take time for the growth in new business to translate into improvements in income and profitability.’
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