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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Metro Bank Holdings PLC, up 3.8% at 40.05 pence, 12-month range 34.00p-157.80p. The lender plans to cut 20% of its roughly 4,000-strong workforce and also says it is mulling whether to continue with its seven-day-a-week branch opening policy. Back in October, Metro said it planned cut costs by £30 million per year. It adds on Thursday that these cost cuts will now go deeper. ‘After further evaluation of the cost base, Metro Bank has now identified potential cost savings of up to £50 million per year. Implementation of the cost reduction plan is expected to complete during the first quarter of 2024 and a £10 million to £15 million one-off restructuring charge is expected in 2023, which is lower than previously anticipated,’ Metro Bank says.
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SMALL-CAP - LOSERS
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Carclo PLC, down 22% at 9.39p, 12-month range 8.60p-16.25p. The supplier of technical plastics products warns that ‘tough market conditions are expected to continue in the near term’. Carclo, which serves customers in the medical, electronics, optics and aviation spaces, warns that demand for for its Manufacturing Solutions offering in the US is ‘anticipated to continue at the lower levels’ it suffered in the first half ended September 30. ‘A major restructuring plan for the US business is being actioned to reduce expense and to drive operational efficiency with the full year benefit expected to be realised in FY 2025,’ Carclo adds. Results for the first-half show it swung to a pretax loss of £2.5 million from profit of £1.7 million. Revenue declines 7.2% to £66.9 million from £72.2 million.
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Record PLC, down 5.6% at 71.72p, 12-month range 61.60p-102.00p. Shares in the currency and derivatives manager fall as it goes ex-dividend, meaning new buyers no longer qualify for the latest payout. Record shares are 20% lower than they were 12 months earlier, but shares are up 8.0% so far this month.
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