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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Carr’s Group PLC, up 3.0% at 119.50 pence, 12-month range 92.00p-150.00p. The agriculture and engineering firm reports stronger annual revenue but a wider loss. Its pretax loss in the financial year that ended August 31 stretches to £6.5 million from £772,000. Hurting its bottom line, Carr’s books £2.1 million worth of restructuring and closure costs, more than trebling from £607,000. Pension past service costs total £2.9 million, against none the year prior. In addition, a property, plant and equipment and right-of-use assets impairment of £2.0 million is booked, against none the year prior. Revenue, meanwhile, rises 2.7% to £148.0 million from £144.1 million. Its adjusted pretax profit is up 14% to £8.5 million from £7.5 million. ‘The immediate prospects for the Agriculture Division have been enhanced by the arrival of a new leadership team and remedial actions taken on under-performing businesses during FY24. The long-term outlook for the division remains attractive with our focus now on our range of existing products, further development of that portfolio and entrance into new geographies. Any benefit from reduced drought areas and the US beef cycle turning will further complement these opportunities,’ Carr’s adds.
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Henry Boot PLC, up 2.8% at 230.31 pence, 12-month range 173.90p-245.00p. The property development, home building and construction business agrees to sell around 600 plots in the Midlands. The sale results in an ungeared internal rate of return of 28% per year. It means its Hallam arm has now disposed of around 2,800 in 2024. ‘Whilst this is marginally below our sales target of 3,000 plots for the year, following last month’s announcement of 52 acres of employment land in Coventry, Hallam is now on track to hit its full year financial target,’ it adds. ‘Hallam has seen noticeable improvements in the planning system since the change in government during the summer.’
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SMALL-CAP - LOSERS
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De La Rue PLC, down 4.1% at 105.05p, 12-month range 71.89p-119.90p. The banknote printer reports weaker half-year revenue but a narrowed loss. Revenue in the six months to September 28 falls 10% to £145.1 million from £161.5 million a year prior. Currency revenue is down 16%, but Authentication revenue rises 4.4%. De La Rue’s pretax loss narrows to £6.5 million from £16.8 million. Interest expense roughly halves to £6.9 million from £12.2 million. In addition, it posts a reduction in exceptional items to £5.5 million from £10.8 million. The chunkiest exceptional item this time stemmed from divesture costs of £4.5 million. Site relocation and restructuring costs, however, total £900,000, falling on-year from £7.9 million. Revenue is hurt by a ‘number of deliveries’ on the Currency arm moving into the second-half of the year.
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