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SMALL-CAP WINNERS & LOSERS: Greencore outlook bleak; Record rises

26th Jan 2023 10:32

(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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Record PLC, up 3.4% at 97.30 pence, 12-month range 59.26p-102p. The Berkshire, England-based currency and derivatives manager says assets under management in the third quarter ended December 31 increased by 6% quarter-on-quarter to USD86.0 billion from USD80.8 billion. It notes that third quarter average fee rates remained broadly unchanged from the previous quarter. It also plans to announce a fourth quarter trading update on April 28 and its full-year results for financial year 2023 on June 16.

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SMALL-CAP - LOSERS

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Greencore Group PLC, down 9.7% at 69.00p, 12-month range 60.15p-141p. The Dublin-based convenience foods maker says it expects full-year its outturn to be at the lower end of current market expectations, due to lower than expected volumes from "the disruptive impact of continued industrial action on demand and operations and the expected lag on inflation recovery." Says that in its first quarter to December 31, profit conversion was behind management expectations, as a result of lower volumes and a lag in recovery of inflation over the calendar year end. Chief Executive Dalton Philips says: "It's a difficult, volatile market, and the business has got off to a slower start to the year than envisaged."

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Foxtons Group PLC, down 2.1% at 37.20p, 12-month range 27.05p-47.8p. Expects 2022 revenue and adjusted operating profit to be ahead of market expectations of GBP133.8 million and GBP12.5 million, respectively. In 2021, Foxtons reported revenue of GBP126.5 million and adjusted operating profit of GBP8.9 million. Looking ahead, Foxtons expects the first half of 2023 to be more challenging than the prior year, with a more subdued sales market. Chief Executive Guy Gittins says: "The economic outlook for the year ahead remains uncertain, but we have a growing portfolio of non-cyclical revenues, and a refreshed operational strategy to rebuild Foxtons' estate agency DNA and return the business to its position as London's go to estate agency."

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By Sophie Rose, Alliance News reporter

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