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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Smiths News PLC, up 1.3% at 47.00 pence, 12-month range 39.00p-59.80p. The newspaper and magazine distributor announces a new five-year contract with the magazine distributor Marketforce (UK) Ltd. It says the new agreement secures all of Smiths News’ current distribution territories in the UK with Marketforce through to 2029, representing 31% of its magazine revenues and 9% of its total newspaper and magazine revenues. Smiths News Chief Executive Officer Jon Bunting comments: ‘Having now secured all of our major magazine contracts we remain confident that we will reach similar agreements with the remaining newspaper contracts.’
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SMALL-CAP - LOSERS
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Record PLC, down 6.8% at 65.60p, 12-month range 61.60p-102.00p. In the six months that ended September 30, the currency and derivatives manager says pretax profit falls 16% to £6.3 million from £7.5 million a year earlier. Revenue declines 2.7% to £21.5 million from £22.1 million, although it still ups its interim dividend by 4.9% to 2.15 pence per share from 2.05p. Record also says CEO Leslie Hill will retire in March after 31 years at the company and four years in the role. Jan Witte will succeed Hill and be appointed onto the board as CEO-elect on January 1, with the intention of being formally appointed as CEO on April 1. Witte is currently CEO of two Record subsidiaries, Record Currency Management and Record Asset Management.
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J Smart & Co (Contractors) PLC, down 4.3% at 119.60p, 12-month range 108.00p-177.00p. In the financial year that ended July 31, the construction contractor says pretax profit falls to £105,000 from £8.2 million a year earlier. Revenue fades to £13.0 million from £14.4 million, while it swings to a net deficit on valuation of investment properties of £2.2 million from a net surplus of £473,000. It declares an unchanged final dividend of 2.27p, taking the total full-year dividend to a similarly unmoved 3.23p. Chair David Smart comments: ‘At this stage, it is difficult to assess what the headline profit will be for the year to July 31, 2024. If commercial property values fall further, we may make a headline loss. Profits will continue to be eroded by the lack of external contracting work, the lack of recovery of overhead costs, the increase in material costs and prolonged programmes due to statutory approval delays.’
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