The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.
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SMALL-CAP - WINNERS
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Reach PLC, up 17% at 80.52 pence, 12-month range 64.40-122.50p. The London-based firm reports falls in both interim profit and revenue but affirms that it remains on track to meet expectations for the full year. In the six months ended June 25, the newspaper, magazine and digital publisher reports a pretax profit of £6.7 million, down sharply from £32.0 million the year prior. Revenue dips to £279.4 million from £297.4 million. ‘The ongoing resilience and predictability of print underpins continued investment in a strong digital offering, with circulation revenue growing and newsprint costs starting to decline. Cash generation is supported by a focus on driving efficiencies, with cost reductions on plan and expected to support a stronger second half performance. We expect full year profits for 2023 to be in line with the current market consensus,’ said Chief Executive Jim Mullen.
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Wickes Group PLC, up 3.9% at 132.00 pence, 12-month range 111.10-171.10p. The Watford, England-based home improvement retailer reports an ‘encouraging’ first-half performance, with like-for-like sales growth of 3.0% despite a ‘challenging’ consumer environment. ‘Our performance has been underpinned by further momentum in Trade, as local traders continue to turn to Wickes to save them time and money, an improving trend in DIY, and a good performance in Do-It-For-Me,’ says Chief Executive David Wood. Company also launches a £25 million share buyback programme and said it plans to maintain its financial 2023 dividend at 10.9p.
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888 Holdings PLC, up 3.6% at 109.10 pence, 12-month range 50.50-162.90p. The Gibraltar-headquartered betting and gaming company announces the appointment of Per Widerstrom as chief executive from October 16. Says Widerstrom has more than 17 years of experience in the online gaming industry, having most recently held the position of CEO at Fortuna Entertainment Group, an omnichannel betting and gaming business across Central and Eastern Europe, from 2014 to 2022.
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SMALL-CAP - LOSERS
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City of London Investment Group PLC, down 5.4% at 391.99 pence, 12-month range 322.00-475.00p. The London-based asset manager reports a rise in funds under management at the end of its financial year. FuM total $9.42 billion as at June 30, compared to $9.22 billion at the same time a year prior. Says net investment outflows were $357 million over the period as clients reduced exposure to markets due to ongoing volatility, pension fund de-risking and competition from cash products. Expects profit before amortisation of intangibles and tax to be £23.4 million, down from £27.2 million the year prior. Recommends a final dividend of 22p, unchanged from the previous year.
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