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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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Record PLC, up 7.8% at 86.80 pence, 12-month range 60.00p - 89.67p. For the six months that ended September 30, the currency and asset manager reports pretax profit of £7.5 million, up 46% from £5.2 million in the previous year. Revenue in the same period surges 35% to £22.1 million from £16.3 million. Record explains that the return to performance fees in the second half seen last year continued with £2.8 million in this interim period. Going forward, Record hopes it will be ‘less episodic’ than historically. Declares an increased dividend of 2.05 pence per share, up from 1.80p last year.
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Topps Tiles PLC, up 2.5% at 41.00 pence, 12-month range 37.00p - 69.80p. Reports its second consecutive year of record revenue in the financial year that ended October 1. Revenue totals £247.2 million, up 8.4% against the £228.0 million achieved the year prior, which was also a 53-week year ended October 2. Pretax profit, however, falls 22% to £10.9 million from £14.0 million, as cost of sales rise to £111.8 million from £97.3 million, and distribution and selling costs jump to £89.3 million from £83.6 million. The tile retailer adds that, in the first eight weeks of its new financial year, trading has been ‘robust’, with like-for-like sales in Topps Tiles up 3.4% year-on-year. Says the group as a whole is performing in line with its expectations.
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SMALL-CAP - LOSERS
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Greencore Group PLC, down 3.0% at 69.05 pence, 12-month range 61.35p - 141.00p. The convenience food manufacturer reports a rise in profit and revenue in the 53-weeks ended September 30 but warns on the negative impact of a recessionary environment moving forward. Pretax profit climbs to £39.8 million from £27.8 million, while revenue jumps to £1.74 billion from £1.32 billion. Says that revenue has held up in the early weeks of financial 2023, although explains it is seeing some mix effect between categories. ‘We remain cautious about the potential impact of the recessionary environment and cost-of-living factors on consumer spending through the year ahead,’ Greencore says.
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Treatt PLC, down 1.2% at 656.25 pence, 12-month range 503.36p - 1,315.00p. Announces a rise in annual revenue but a fall in profit amid damage from Covid restrictions in China, volatile currency movements, and cost inflation. In the financial year that ended September 30, the ingredient supplier for the beverage, flavour and fragrance industry reports pretax profit of £16.2 million, down from £19.6 million the previous year. Cost of sales jump to £101.1 million from £82.1 million, offsetting revenue which grows to £140.2 million from £124.3 million. Says the key challenges in the year ahead will be ‘macroeconomic driven’ with pressures from ‘multiple angles’. Nonetheless, firm is confident moving forward.
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