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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Asos PLC, up 9.9% at 379.35 pence, 12-month range 320.33p-838.00p. The London-based online fashion retailer sales fall 18% in the 26 weeks ended March 3 compared to a year earlier, which is largely in line with its outlook. Asos says it is making strategic progress and clearing aged stock, while noting it is ahead on its plan to improve stock efficiency and reduce inventory. Chief Executive Officer Jose Antonio Ramos Calomente comments: ‘I’m excited by the performance of our new collections, while we have also made great progress in monetising inventory that built up over the pandemic and in improving the core profitability of our operations.’ Asos backs full-year outlook, expecting a 5% to 15% decline in sales and a positive adjusted earnings before interest, tax, depreciation and amortisation. This is alongside restoring inventory back to pre-Covid levels, positive cash generation and reducing net debt.
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Luceco PLC, up 6.4% at 128.9p, 12-month range 97.37p-162.00p. The London-based lighting manufacturer and distributor reports pretax profit in 2023 rises 62% to £18.9 million from £11.7 million in 2022. Revenue rises 1.3% to £209.0 million from £206.3 million, while cost of sales fall 8.7% to £126.2 million from £138.3 million. Administrative expenses rise 15% to £52.0 million from £45.1 million. Luceco says results were at the upper end of market expectation, while it increases its full-year dividend by 4.3% to 4.8p from 4.6p. It says ‘strong’ 2023 performance has continued into 2023, noting its order book is ahead on-year, especially in the Retail and Trade channels. ‘Whilst we remain mindful of the uncertain macroeconomic environment and the potential impact it may have on our markets in 2024, the outlook for the current financial year remains unchanged thanks to our attractive market positions, strong business model and robust strategy. Luceco is well positioned to benefit from operational leverage given its integrated, resilient and agile business model,’ the company says.
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SMALL-CAP - LOSERS
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CAB Payments Holdings PLC, down 6.6% at 98.6p, 12-month range 46.10p-337.00p. The cross-border payments and foreign exchange firm reports pretax profit in 2023 falling 14% to £37.6 million from £43.9 million in 2022, although net interest income multiplied to £21.5 million from £6.8 million, while revenue net of interest expense rose 24% to £136.8 million from £109.9 million. Operating expenses rose 52% to £99.0 million from £65.2 million. Chief Executive Officer Bhairav Trivedi comments: ‘We attracted 83 new clients to an already high-quality list, made up of G10 government entities, some of the world’s best known international development organisations, global remittance companies, emerging markets financial institutions and, increasingly, major market banks. Clients choose CAB Payments due to the strength of its banking and technology network, its robust compliance culture, and the breadth of its global banking partner relationships. We are in the final stages of the application process for our EU licence and continue to expect our US licence to be granted in the second half of this year. These licences will open up significant additional sales channels for CAB Payments among high-quality development organisations and remittance providers, who move considerable sums into our key markets, and will also place salespeople close to major market banks in both geographies.’
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