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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Card Factory, up 33% at 60.20 pence, 12-month range 38.6p-97.83p. The greeting cards retailer says it has successfully completed a refinancing, removing a commitment to raise funds. Card Factory has agreed revised terms on reduced facilities of £150 million, previously £225 million. As part of this, Card Factory will reduce its government-backed Coronavirus Large Business Interruption Loan Scheme element to £20 million from the original £50 million. Restrictions on dividends will continue to apply until the CLBILS facilities and the £11.3 million term loan are repaid, which is expected in January 2024, subject to the leverage ratio being 1.5 times or less. ‘The best efforts commitment given by Card Factory to its banks, to raise net equity proceeds of £70 million by 30 July 2022 has been removed from the revised facilities. The board has no current intention of completing an equity raise,’ it adds.
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NewRiver REIT PLC, up 9.5% at 94.96p, 12-month range 70p-107.11p. Says portfolio returned to capital growth in the second half, of 2.5%. ‘This growth has been led by retail parks which have continued the positive momentum seen over the last 18 months, but pleasingly we have also seen our Core and Regeneration Shopping Centres return to capital growth in the second half,’ it says.
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SMALL-CAP - LOSERS
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ProCook Group PLC, down 4.0% at 119.94p, 12-month range 113p-165p. Revenue for fourth quarter ended April 3 is £14.0 million, up 11% on a year before. For full-year, revenue of £69.2 million is up 30% on the year prior. However, full-year gross margin declines by 140 basis points to 67.2%. ‘Trading conditions have become more challenging over the last quarter with a number of well-documented pressures impacting consumer shopping habits and operational costs. Despite a tougher consumer and macro environment, we continue to attract new customers to the brand, are outperforming the market, and remain confident in our value-for-money, specialist offer,’ the specialist kitchenware brand says.
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