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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Foxtons Group PLC, up 2.0% at 68.76 pence, 12-month range 34.00p-71.40p. The estate agent says it ‘continued to outperform the market’ in the first-half of its financial year. Revenue in the six months to June 30 grows 11% to £78.5 million from £70.9 million a year earlier. Pretax profit shoots up 24% to £7.5 million from £6.1 million. Foxtons raises its interim dividend by 10% to 0.22p per share from 0.20p. CEO Guy Gittins says: ‘The strong momentum we started the year with has continued, with double-digit revenue and earnings growth and our position as London’s largest Lettings and Sales agency reinforced. Despite macro headwinds and the election interruption, we continued to outperform the market, delivering strong Sales revenue growth of 28% and market share growth of 30%. Growth was also delivered in Lettings, with a double-digit increase in new business volumes, further bolstered by the acquisitions we made in 2023.’
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SMALL-CAP - LOSERS
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Xaar PLC, down 7.9% at 136.76p, 12-month range 90.24p-190.25p. The industrial inkjet manufacturer is to report a decline in half-year revenue, as it grapples with ‘challenging market conditions’. Revenue for the six months to June 30 is expected to decline 16% to £29 million from £34.5 million. It notes trading was in line with expectations. Xaar reports half-year earnings on September 18.
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Forterra PLC, down 4.4% at 174.19p, 12-month range 122.20p-194.40p. The maker of essential clay and concrete building products endures ‘challenging trading conditions’ in the first half of 2024, with revenue declining 12% to £162.1 million from £183.2 million a year prior. Its pretax profit declines 29% to £12.8 million from £18.1 million. Forterra cuts its interim dividend by 58% to 1.0p per share from 2.4p. ‘With softer comparatives, the expected 9% reduction in UK brick despatches seen in H1 is expected to improve in H2; although overall, full year 2024 demand is expected to be lower than 2023,’ it cautions. It now expects adjusted earnings before interest, tax, depreciation and amortisation of £50 million for the whole of 2024, a decline of 14% from 2023. Forterra’s adjusted Ebitda in the first-half fell 22% on-year to £24.3 million.
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