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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Norcros PLC, up 2.7% at 159.5 pence, 12-month range 135.5p-227.76p. The kitchen and bathroom product supplier reports ‘robust’ trading in the interim period ended September 30, despite challenging market conditions. Revenue falls 8.3% to £201.6 million to £219.9 million a year before, though UK revenue edges up 0.8% £143.9 million. Pretax profit falls 16% to £11.7 million from £14.0 million. Norcros notes improving operating margins and ‘excellent’ cash generation. It maintains the interim dividend of 3.4p, and says it’s on track to deliver on market expectations for underlying operating profit, which it cites as £43.4 million, for the whole year. This would be down from £47.3 million in financial 2023.
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Fuller, Smith & Turner PLC, up 3.1% at 660p, 12-month range 446p-662p. The pub and hotel chain adds to its gain after rallying 12% on Wednesday as it hailed ‘strong progress’ in its half-year, raised its dividend and announced a new share buyback. In the six months to September 30, pretax profit jumped 39% to £14.9 million from £10.7 million a year prior. Revenue climbed 12% to £188.8 million from £168.9 million. The company raised its interim dividend per share by 42% to 6.63 pence from 4.68p. It also announced its intention to buy back a further one million ’A’ shares, after completing its previous buyback of 1 million shares.
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SMALL-CAP - LOSERS
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Pod Point Group Holdings PLC, down 3.8% at 24.99p, 12-month range 21.75p-114.00p. The electric vehicle charging services provider lifts guidance for 2023, but provides a fairly stagnant outlook for 2024. In 2023, it raises revenue expectations to at least £63 milllion from £60 million, and now expects adjusted loss before tax before interest, tax, depreciation and amortisation no greater than £16 million compared to £17 million previously. For 2024, it guides for revenue of around £60 million and adjusted Ebitda loss of around £14 million. For 2027, it expects to ‘at least’ double revenue and achieve positive Ebitda in 2026. ‘The market has remained challenging in the second half of the year, with increased consumer uncertainty in anticipation of potential changes to UK government policy and ongoing volatility in private new EV demand,’ it notes.
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