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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De La Rue PLC, up 13% at 106.03 pence, 12-month range 56.40p-119.90p. The Basingstoke, Hampshire-based provider of authentication software and currency printing services says that its wholly owned subsidiary, De La Rue Holdings, has agreed to sell the group’s authentication division to Crane NXT and its related entities for a cash consideration representing an enterprise value of £300 million. Of this, 5% will be held in escrow for up to 18 months following completion. Proceeds will go towards repaying De La Rue’s existing revolving credit facility in full and reducing leverage to a net cash position; and reducing the deficit on the group’s legacy defined benefit pension scheme by paying £30 million as an accelerated contribution on completion. The transaction is expected to complete in the first half of 2025.
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Reach PLC, up 2.2% at 95.90 pence, 12-month range 58.47p-112.80p. The London-based newspaper, magazine and digital publisher, which owns the Mirror and Express brands, sees shares rise despite a 2.5% drop in group revenue over the third quarter to September 30. Print revenue falls 3.9%, with circulation revenue down 1.9% and advertising revenue down 9.1%, while digital revenue rises 2.5%. Reach attributes this to strong digital trading, with the improved yield compensating for the page view volume decline of 5% year-on-year. Remains confident in delivering expectations for the full-year.
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SMALL-CAP - LOSERS
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Robert Walters PLC, down 4.0% at 337.10p, 12-month range 320.00p-472.00p. The London-based international recruitment company net fee income for the quarter ended September 30 of £79.9 million, down 14% from £93.4 million a year prior, and 12% on a constant currency basis. Says trading conditions were broadly unchanged from the first half, with client and candidate confidence levels yet to show signs of material improvement. Looking ahead, says second half fee income is unlikely to exceed the first half, though continues to expect profitable full-year.
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