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SMALL-CAP WINNERS & LOSERS: Avon Protection falls on lower revenue

23rd May 2023 10:01

(Alliance News) - 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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Topps Tiles PLC, up 2.7% at 51.97 pence, 12-month range 37.00p-55.80p. The tile seller says revenue in the 26 weeks ended April 1 jumps 9.3% to GBP130.3 million from GBP119.2 million a year earlier. However, pretax profit falls to GBP1.6 million from GBP5.6 million. Topps Tiles explains that the fall in profit is a result of adverse currency exchange rate movements and the impact of inflation on operating expenses. The company declares an interim dividend of 1.2p, up 20% from 1.0p a year ago. "As expected, our first half profitability reflects the impact of inflation year on year, including significantly increased energy costs, and a number of other one-offs. These effects are now reducing or will reverse in full in the second half, underpinning our confidence in a much stronger profit performance in the balance of the year," says Chief Executive Officer Rob Parker.

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SMALL-CAP - LOSERS

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Avon Protection PLC, down 11% at 866.00p, 12-month range 732.00p-1,250.00p. The personal protection company which makes defence equipment for military, police, industrial and fire service personnel reports revenue of USD116.2 million in the 26 weeks ended April 1, down 3.9% from USD121.9 million a year earlier. Pretax loss narrows to USD5.3 million from USD13.6 million. Avon Protection declares an interim dividend of 14.3 cents, unchanged year-on-year. Looking ahead, Avon Protection expects full-year revenue excluding body armour to be about 9% lower annually. "Revenue during the first half was below our expectations, but a better second half is supported by the strong order book, the steps we have already taken to strengthen the factories focused on shipping the first lots of NG IHPS helmet to the US DOD and the discontinuation of our armour business," says Chief Executive Jos Sclater.

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Seraphim Space Investment Trust PLC, down 1.9% at 40.09p, 12-month range 35.00p-88.00p. The space technology investment firm said net asset value per share fell to 1.0% to 91.77p at March 31, from 92.74p at December 31. Portfolio value falls to GBP180.8 million from GBP181.2 million. It explains that this was driven by an unrealised fair value reduction of GBP1.3 million, partially offset by investment of GBP900,000. Looking ahead, Seraphim says its portfolio remains well-capitalised.

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By Sophie Rose, Alliance News reporter

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