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The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday. ---------- SMALL-CAP - WINNERS ---------- Topps Tiles PLC, up 9.8% at 38.54 pence, 12-month range 45.00p-28.05p. The tile retailer says adjusted sales rose 6.8% in the 12 months to September 27 to around £265 million, which is a record year for turnover. Including CTD, total sales in the year were up 18% at £296 million. The firm says like-for-like sales accelerated to 7.7% growth in the second half of the year from 3.0% in the first half to give 5.3% for the year as a whole. It also expects to deliver a higher adjusted gross margin in the second half than in the first. Adjusted pretax profit for the year is expected to be in the range of market expectations between £8.3 million and £9.2 million. Topps Tiles says the process to recruit a permanent chief financial officer is ‘well under way’. The firm says it is well positioned to continue to grow sales and profit into 2026. ---------- Upland Resources Ltd, up 6.3% at 1.70p, 12-month range 1.85p-0.81p. The oil and gas company focused on Sarawak, Malaysia agrees to buy Vanguard Drilling’s intellectual property and drilling management systems. Upland says it will integrate ‘select senior personnel’ into its own operational structure. Vanguard Chief Executive Officer Josh Galloway will join Upland as head of drilling services. ‘This agreement marks an important milestone for Upland at a pivotal and transformative stage in our development. By acquiring Vanguard’s intellectual property and integrating its senior personnel into our operations, we are significantly enhancing our ability to deliver projects to the highest international standards,’ says Chair Datuk Bolhassan Di. ---------- SMALL-CAP - LOSERS ---------- Roquefort Therapeutics PLC, down 14% at 1.80p, 12-month range 6.78p-1.08p. Shares in the biotechnology company fall again on Wednesday after reporting results on Tuesday, when the stock closed down 16%. The pretax loss narrows to £532,034 in the six months to the end of June from £702,781 a year prior. It reports no revenue for the year, unchanged from the previous year. The firm says it plans to pivot away from its existing focus on pre-clinical assets to more mature clinical stage assets by completing the proposed acquisition of Coiled USA. The enlarged entity, to be renamed Coiled Therapeutics PLC, will focus on advancing clinical trials for the AO-252 therapy. ‘During the period Roquefort Therapeutics announced a new strategic direction to refocus from pre-clinical assets towards clinical stage assets with a clearer path towards value creation and we are pleased to have identified Coiled Therapeutics from A2A Pharmaceuticals as our transformational acquisition,’ says Chair Stephen West. ---------- Copyright 2025 Alliance News Ltd. All Rights Reserved.
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