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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Pinewood Technologies Group PLC, up 16% at 337.00 pence, 12-month range 256.08p-399.00p. The stock climbs as it wins a UK deal. Marshall Motor Group will be the first ‘non-associated’ major UK dealer to use its software. The pact with the Constellation Automotive Group-owned firm is for five-years. Constellation also owns cinch, BCA and webuyanycar. ‘The contract represents the first non-associated major dealership group in the UK to adopt the Pinewood product suite following the recent successful implementation into the Litha Motors’ UK businesses (formerly Jardine Motor Group and Pendragon),’ Pinewood adds.
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Halfords Group PLC, up 5.6% at 150.00p, 12-month range 125.00p-244.80p. The cycle and motor repair company says it is focused on ‘controlling the controllables’, given a cautious consumer environment. It reports said like-for-like sales were down 0.1% in the 26 weeks to September 27 against strong prior year comparatives. The firm flags strong growth in services, maintenance and repair but said tyres remained challenging with price-conscious customers trading down into budget ranges. Despite an uncertain economic backdrop, Halfords says it has maintained full-year guidance. Chief Executive Graham Stapleton comments: ‘While consumers remain cautious in their discretionary spending compounded by uncertainty around the contents of the upcoming autumn budget, we have continued to focus on controlling the controllables and I am pleased with our performance.’
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SMALL-CAP - LOSERS
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Sabre Insurance Group PLC down 7.1% at 127.64p, 12-month range 124.40p-183.60p. The company believes insurance rates will have to increase to reflect current levels of claims inflation, as gross written premiums climbed despite growing price competition. The motor insurance underwriter says gross written premiums in the nine months to September 30 rose 15% on-year to £186.5 million from £162.2 million. It is on track for ‘record’ gross written premiums this year. Sabre has seen signs of claims inflation cooling. Claims inflation remains ‘at a high single-digit level’. Sabre notes that increasing competition in the insurance mass-market was evident in ‘clear signs of market price reductions.’ Chief Executive Officer Geoff Carter adds: ‘We have seen clear signs that market pricing has softened considerably during the summer. Our view is that market price movements outstrip any potential short-term benefits from a slight softening in claims inflation. We remain confident in our view on inflation and that market pricing will have to reflect this in due course.’
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