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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Harworth Group PLC, up 9.6% at 160.00 pence, 12-month range 95.40p-160.00p. The regenerator of land and property for sustainable development and investment reports it has exchanged contracts for the conditional sale of 48 acres of land at the Skelton Grange site in Leeds for £106.6 million. ‘Proceeds will be reinvested into Harworth’s industrial & logistics development programme, and the group intends to retain more directly developed prime grade A properties in its investment portfolio,’ it adds.
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Halfords Group PLC, up 3.9% at 141.26 pence, 12-month range 125.00p-244.80p. The cycling and motor products retailer reports revenue in the year to March 29 rises 7.9% to £1.70 billion from £1.57 billion. Pretax profit shrinks 0.5% to £38.8 million from £39.0 million. ‘Trading since the start of FY25 has continued to be soft, impacted by low consumer confidence around big ticket, discretionary purchases, and poor spring weather, which has reduced store footfall and affected sales of both cycling and staycation products. Whilst we continue to expect market share gains in the year ahead, based on what we are currently seeing we now expect market volumes to decline in FY25 in cycling and consumer tyres, and to remain broadly flat in motoring servicing and retail motoring products,’ it adds. Halfords also notes inflation is a ‘material headwind’, predicting freight costs will be £4 million to £7 million higher than anticipated in the new year. However, it adds: ‘We do not expect these headwinds to persist in the long term. Consumer price inflation is easing and our core markets are expected to improve in the mid-term.’
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Mears Group PLC, up 1.7% at 371.25 pence, 12-month range 249.82p-398.00p. The social housing and maintenance service company lifts its annual outlook. It expects its 2024 performance to be ‘modestly ahead of current market expectations’, which it puts at £999 million for revenue and £46.7 million for pretax profit. Trading in the first half has been ‘ahead of both the prior year and the board’s expectations’.
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SMALL-CAP - LOSERS
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Regional REIT Ltd, down 30% at 15.26 p, 12-month range 12.70p-49.80p. The property firm announces a £110.5 million fundraising plan. It will raise the funds through a placing, overseas placing and open offer of 1.11 billion shares at 10p each. The overseas placing concerns existing shareholders in ‘certain restricted jurisdictions’ where an open offer cannot be made. In addition, it announces a 1 for 10 share consolidation. The fundraise will enable it to repay a £50 million retail bond. It adds £26.3 million will go towards trimming debt and remaining £28.4 million will provide it with ‘provide additional flexibility to fund selective capital expenditure on assets’.
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