The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.
----------
SMALL-CAP - WINNERS
----------
Lookers PLC, up 26% at 123.6 pence, 12-month range 59.7p-125.4p. Global Auto Holdings agrees with the board of Lookers on an increased cash offer of 130p per share in cash for the company. Global Auto is the bidding vehicle of Alpha Auto Group Holdings LP, a Toronto-based operator of auto retail dealerships across North America. It had previously offered to pay 120p per share for Lookers, which is based outside of Manchester. A week ago, the agreed takeover offer appeared to be dead in the water, as Lookers’ largest shareholder withdrew the letter of intent it had given to the bidder. On Thursday, Global Auto confirms it has reached an agreement with the board of Lookers for the increased offer. ‘As the increased offer is to be implemented by way of a takeover offer, the board of Lookers will propose a resolution to adjourn the court meeting and general meeting which are due to take place today in connection with the scheme indefinitely and they will not be rescheduled,’ Lookers says.
----------
Foxtons PLC, up 3.9% at 39.47p, 12-month range 27.05p-45p. The estate agency says revenue rises 8.9% year-on-year to £70.9 million in the first half of 2023, from £65.1 million. Pretax profit surges 42% to £6.1 million from £4.3 million. Says lettings revenue since June has been in line with first-half trends, and sales volumes were ahead of the first half. However, new buyer enquiries softened in July due to the spike in mortgage rates. ‘In the first half of the year, we cemented our position as London’s largest lettings and sales estate agency brand. We not only had the largest market share of instruction volumes in London, but we also grew instruction market share quicker than any of our competitors as recently implemented operational upgrades yielded significant gains,’ says Chief Executive Guy Gittins.
----------
SMALL-CAP - LOSERS
----------
Headlam Group PLC, down 9.6% at 216.08p, 12-month range 176p-350p. The floor-coverings distributor warns recent trading volumes have been weaker than expected, with recovery now expected to be a more prolonged process. Notes independent data show that DIY/Home Improvement spend is the most affected non-essential category by lower consumer spending. ‘This backdrop will more than offset the company’s positive strategic performance and mitigating actions in the near term,’ Headlam says. Expects underlying pretax profit to be significantly below market expectations in 2023 as a whole. Revenue in the first half edges up 2.5% year-on-year to £332 million, despite a 7% fall in volumes.
----------
Copyright 2023 Alliance News Ltd. All Rights Reserved.
