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(Alliance News) - 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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PPHE Hotel Group Ltd, up 4.3% at 1,126.85 pence, 12-month range 992.16-1,495.00p. The hotel and resort operator swings to a profit in the first half of 2023, boasting "record" interim revenue and expressing confidence in its long-term growth. In the six months that ended June 30, swings to a pretax profit of GBP2.0 million from a loss of GBP26.1 million the year prior. This was thanks to PPHE reporting "record" revenue of GBP180.0 million, up 59% from GBP113.2 million in the previous year and up 16% from GBP155.3 million in the first half of 2019, before the outbreak of Covid-19. Revenue per available room rises to GBP110.3 from GBP67.8 a year prior and is above the pre-pandemic level of GBP93.4 in the first half of 2019. PPHE says it now entering its "strongest half" of the year, and is confident in its long-term growth, reiterating its expectations for the full year. PPHE says it now is in a position to return to its pre-Covid capital returns policy of distributing about 30% of adjusted earnings, which it said were GBP1.06 per share in the 12 months that ended June 30. However, due to the discount of its share price to EPRA net reinstatement value per share, it will consider not just dividends, but also share buybacks and tender offers, or a combination of these. PPHE says it will provide an update on this in "the near future".It expects 2023 revenue of at least GBP400 million, up from GBP330.1 million in 2022 and earnings before interest, tax, depreciation and amortisation of at least GBP120 million, up from GBP94.6 million.
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Alfa Financial Software Holdings PLC, up 3.3% at 154.50 pence, 12-month range 118.00-203.00p. The software developer reports double-digit percentage growth in both revenue and profit in the first half of 2023. The company posts a pretax profit of GBP16.6 million in the half, up 20% from GBP13.8 million the previous year. Revenue from continuing operations totals GBP52.9 million, up 21% from GBP43.9 million. Alfa also declares a special dividend of 4.0 pence per share, up 14% from 3.5p the year prior. Despite the robust first-half performance, Alfa leaves its full-year expectations unchanged as it is conscious of the "uncertain" economic outlook.
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SMALL-CAP - LOSERS
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Panther Metals PLC, down 4.5% at 3.11 pence, 12-month range 2.62-6.00p. The Canada-focused mineral and exploration company raises GBP200,000 before expenses through the issue of 17% unsecured convertible loan noted with 12-month maturity and possible early conversion and warrants attached on a one-for-one basis with an exercise price of 5.5p each. Says the proceeds will be used to fund the company's current working capital and capital expenditure requirements. "This funding serves as the preface to an exciting autumn ahead, with a series of forthcoming developments poised to greatly advance the company's strategic focus on developing Canada's next VMS camp while continuing to retain tight control of our capital structure," says Chief Executive Darren Hazelwood.
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Oxford Cannabinoid Technologies Holdings PLC, down 12% at 0.90 pence, 12-month range 0.40-1.60p. The cannabinoid medicine-focused pharmaceutical company reports a widened loss in the year ended April 30, as it records higher expenses and research costs. Pretax loss widens to GBP7.0 million from GBP5.5 million the year prior, as the company records no revenue, unchanged from a year prior. Research costs in the year rise to GBP4.3 million from GBP2.9 million, and administrative expenses tick up to GBP2.7 million from GBP2.3 million. "This has been a defining year for Oxford Cannabinoid Technologies, marked by a number of major milestones and significant achievements...We have seen two of our programmes complete their pre-clinical stages during the year with one of them moving into a phase 1 clinical trial in [the second quarter of 2023] and are well-positioned for future clinical developments," comments Non-Executive Chair Julie Pomeroy.
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By Heather Rydings, Alliance News senior economics reporter
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