SMALL-CAP WINNERS & LOSERS: Amigo gets approval; TT revenue strong

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

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SMALL-CAP - WINNERS

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TT Electronics PLC, up 6.8% at 188.60 pence, 12-month range 164.28p-296.50p. Confirms outlook for the year, as it reports strong revenue growth in the year-to-date. The Woking, England-based manufacturer of electronic components says that for the four months to April, revenue is 6% higher than the previous year on a constant currency basis and 5% higher on an organic basis. The company's order book also continues to run ahead of revenue, with book-to-bill - the ratio of orders received to the amount billed for a specific period - running at 151%. Says it ‘continues to execute well’ in the face of Covid-19 disruption and supply chain issues. Given these constraints, TT Electronics has continued to invest in inventory to support business growth. As a result, our net debt and leverage at the end of June are expected to increase from the year-end position before reducing to more normalised levels by the year end,‘ the company says.

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SMALL-CAP - LOSERS

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Amigo Holdings PLC, down 3.6% at 6.45 pence, 12-month range 1.63p-25.78p. Creditors have voted to push forward with its new business scheme. The scheme - which is being proposed to settle customer claims following probes from UK regulators into mis-sold loans - required at least 75% of the claims of all creditors vote for it. Amigo noted, at a meeting held on Thursday, over 88% of creditors by number approved the scheme. It also said, however, that 83% voted for Amigo's wind down scheme. Now, the guarantor loans provider will ask the courts to approve the new business scheme, but should it be turned down, will ask for the wind down scheme to be approved. The court hearings will be held on May 23 and 24. Amigo said its shares will be suspended during the period of the court heading ’to avoid the possibility of asymmetric information in the market‘. It will request the suspension starting May 23 until it updates the market.

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