Source - Alliance News

The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.

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SMALL-CAP - WINNERS

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Kemare Resources PLC, up 2.0% at 462.00 pence, 12-month range 386.64p-493.00p. The Dublin-based titanium minerals and zircon producer posts robust annual results. For 2021, pretax profit is $137.3 million, up sharply from $22.8 million in 2020, on revenue of $455.9 million, up 87% from $243.7 million. Declares 2021 dividend of 32.71 cents per share, up from 10.00 cents in 2020.

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SMALL-CAP - LOSERS

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Dignity PLC, down 11% at 474.00 pence, 12-month range 412.50p-969.00p. The funeral services provider warns of lower profit ahead in the short term due to lower prices and the death rate normalising as the pandemic begins to wind down. Further, Dignity is putting forward a new business strategy, which includes setting up of a new organisational structure with 12 regions and preparing the company for regulation in the pre-paid funeral plan market by the UK Financial Conduct Authority. This will require additional investment into the business, which will in turn lead to higher costs in the future.

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Petrofac Ltd, down 7.3% at 109.70p, 12-month range 90.66p-203.34p. The oilfield services company reports widened annual loss. For 2021, posts pretax loss of $189 million, widening from a loss of $183 million in 2020. Generates revenue of $3.06 billion, down from $4.08 billion amid lower backlog and pandemic-related project delays. Looking ahead, says revenue and margins will ‘inevitably’ remain subdued in the near term, but is confident in starting to rebuild the backlog in 2022 and deliver strong growth thereafter.

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Pendragon PLC, down 3.6% at 26.51p, 12-month range 14.55p-27.80p. The car dealer warns a shortage of new vehicle availability will persist, with stubborn inflationary pressure also driving costs up. For 2021, it posted pretax profit of £61.5 million, swinging from a £24.7 million loss in 2020, on revenue of £3.45 billion, up 18% from £2.92 billion. However, Pendragon cautions a shortage of new cars looks set to continue in 2022. Pendragon declares no dividend for 2021 but cut its net debt in half, to £49.7 million from £100.4 million.

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