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SMALL-CAP WINNERS & LOSERS: Foresight Group hails "outstanding" year

13th Apr 2023 10:21

(Alliance News) - 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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Foresight Group Holdings Ltd, up 12% at 425.36 pence, 12-month range 322.5p-394p. The sustainability-focused infrastructure and private equity investment manager boasts an "exceptional" increase in assets and funds under management in its financial year. At March 31, AuM were up 37% year-on-year to GBP12.2 billion, while FuM were up 34% to GBP9.0 billion. It expects annual revenue to be up "significantly", and exceed the market consensus, which it cites as GBP116.6 million as of January 16. "This was an outstanding year for the group, with our diversified and resilient business model achieving exceptional results against a challenging market backdrop....The outlook for the group remains very positive, being ideally positioned to capture the long-term structural growth trends in our key markets," says Executive Chair Bernard Fairman. It will release its full annual results on July 4.

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Norcros PLC, up 2.7% at 181.85p, 12-month range 165p-241p. The kitchen and bathroom product supplier says in the year to March 31, it expects underlying operating profit to be "at a record level", meeting market expectations, with company-compiled market consensus standing at GBP45.9 million. This would be a 10% increase from the prior year. Revenue is expected to grow 11% year-on-year to GBP440 million, or 1.5% on a constant currency and like-for-like basis. The firm announces the closure of its adhesives business, "a small but loss making division" which will lose 70 jobs. It will report around GBP5 million in costs relating to the closure as an exceptional item in its annual results. "Whilst market conditions are likely to remain uncertain in the short term, the board believes that the group's proven business model, leading customer service proposition, leading brands and highly experienced management teams will continue to deliver market share growth in the year ahead," says CEO Thomas Willcocks.

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SMALL-CAP - LOSERS

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TT Electronics PLC, down 4.7% at 186.7p, 12-month range 123.4p-197.8p. The electronic components maker's chief executive, Richard Tyson, will leave the firm to head up FTSE 250-listed Oxford Instruments PLC. TT Electronics says it will begin the process of appointing a new CEO, noting Tyson's notice period is 12 months. "He will continue in the role until the board has completed the succession process," it says. TT also says that trading remains in line with expectations, and it will update further on May 9.

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By Elizabeth Winter, Alliance News senior markets reporter

Comments and questions to [email protected]

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