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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Halfords Group PLC, up 18% at 148.76 pence, 12-month range 120.40p-212.00p. The cycling and motor products retailer predicts annual profit will be ahead of market consensus. For the financial year which concludes in March, Halfords expects underlying pretax profit of between £32 million and £37 million. This will be above the average sell-side expectation of £28.3 million, according to company-compiled consensus. Halfords said it also represents an ‘upgrade’ to prior profit expectations. In the third-quarter of its financial year, like-for-like sales growth was ‘positive’ in both Retail and Autocentres. It had been flat in the first half.
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Wickes Group PLC, up 11% at 170.35p, 12-month range 130.60p-178.00p. The home improvement retailer says it returned to revenue growth in the second half of its financial year. It expects to report revenue for the year that ended December 28 of £1.54 billion, a decline of 1.0% from financial 2023. For the second half alone, Wickes says it generated revenue of £738.9 million, a climb of 1.8% on-year. Revenue had shrunk 3.4% in the first half. Retail revenue rose 3.0% in the second-half, quickening from a 1.0% rise in the first. Design & Installation revenue fell 2.5% in the second half, the pace of decline easing from 17% in the first. Wickes now expects adjusted pretax profit for the full-year to be at the upper end of the £39.7 million to £44.0 million consensus range. In financial 2023, it reported adjusted pretax profit of £59.5 million before the impact of software-as-a-service IT investment costs, £52.0 million after.
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Synthomer PLC, up 8.6% at 162.40p, 12-month range 128.00p-338.00p. The developer of highly specialised polymers expects annual results in line with expectations. Revenue of £2.0 billion is expected for 2024, rising 3.1% from £1.94 billion in 2023. Earnings before interest, tax, depreciation, and amortisation are expected to be between £145 million and £148 million, rising from £137.4 million in 2023. ‘Continuing group volume improved further in H2, albeit at a slower rate than in the first half, reflecting mixed end-market demand trends over the period. Within this, volume growth in Q4 improved relative to Q3, led by the nitrile latex for gloves business in the Health & Protection & Performance Materials division and construction markets within the Coatings & Construction Solutions division,’ Synthomer says, adding:. ‘The strong 2024 exit margins in our specialty businesses, coupled with the ongoing volume improvement in Health & Protection and our operational and strategic progress over 2024, give us confidence that we will deliver further earnings progress in 2025, even if end-market demand does not improve.’
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Foxtons Group PLC, up 4.8% at 69.18p, 12-month range 51.20p-71.40p. The estate agent hails 2024 as ‘another year of significant earnings growth’. Revenue and adjusted operating profit will be ahead of market expectations. It puts consensus for 2024 revenue at £160.1 million and adjusted operating profit at £17.9 million. Revenue of £163 million is expected for 2024, up 11% from £147.1 million in 2023. Adjusted operating profit of £19 million is predicted, a jump of a third from £14.3 million. Foxtons adds: ‘Lettings is expected to remain resilient in 2025, with high levels of tenant demand and good stock levels underpinning rental prices and transaction volumes. Sales entered 2025 with an under-offer pipeline significantly above the prior year, and at its highest opening position since 2016, which is expected to underpin year-on-year revenue growth in Q1 2025. The growth in the under-offer pipeline is partly driven by first time buyer activity ahead of increased stamp duty rates from April 2025, which may result in some buyer activity being accelerated into Q1 2025 ahead of the deadline.’
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SMALL-CAP - LOSERS
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Eurocell PLC, down 5.8% at 148.82p, 12-month range 110.00p-191.00p. The manufacturer, recycler and distributor of window, door and roofline PVC products says trading conditions in key markets remain ‘subdued’. Tough market conditions were compounded by October’s UK government budget, hitting activity in the repair, maintenance & improvement and new build housing markets. It expects underlying pretax profit for 2024 to be in line with market expectations. Sales for 2024 are expected to have fallen 2% to £358 million. Eurocell says the hike in employers’ national insurance and the national living wage in the UK will put additional costs of £3 million per year on the company. It plans to offset this through selling price hikes ‘and other management actions, including cost reduction’. In addition, it names Stuart Livingstone as chief operating officer. Eurocell will release its full annual results on March 20.
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Henry Boot PLC, down 1.9% at 209.00p, 12-month range 175.00p-245.00p. The property development, home building and construction business expects 2024 profit to be in line with market expectations. Consensus for pretax profit is £30.7 million, it says. ‘Throughout 2024, we saw a gradual improvement in market conditions which translated into a steady increase in demand across our key sectors,’ Chief Executive Officer Tim Roberts says. ‘Looking forward, we have started 2025 with a bit more optimism, albeit while the reduction in interest rates provided a welcome boost to the economy, the trend downwards is now anticipated to be at a slightly slower pace than previously expected.’ Henry Boot expects ‘slower growth in volumes across the group’ and profit for 2025 will be similar to last year.
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