15th Apr 2025 10:51
(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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De La Rue PLC, up 20% at 131.75 pence, 12-month range 77.4p-131.75p. The Basingstoke-based firm, which prints banknotes for the Bank of England and other central banks, has agreed to a takeover offer from funds managed and advised by Atlas Holdings LLC. Deal values De La Rue's share capital at approximately £263 million or 130p in cash per share. This represents a premium of approximately 19% to the closing price of 110p on December 11, the last business day before De La Rue entered an offer period. "Atlas believes that the acquisition of De La Rue represents an attractive opportunity to build on its portfolio of manufacturing and key infrastructure businesses," the buyer says, adding that it "believes that bringing De La Rue under private ownership will better position it for further investment, coupled with the benefits that accrue from being part of a scaled, better capitalised and actively growing business". De La Rue directors intend to recommend unanimously that shareholders vote in favour of the acquisition.
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Halfords Group PLC, up 13% at 140.6 pence, 12-month range 59.8p-73p. The Redditch, England-headquartered motoring and cycling retailer expects profit at the top end of its GBP32 million to GBP37 million range previously guided. Says like for like sales up 2.3% in the year ended March 28, against "strong prior year comparatives" with LFL sales up 5.0% in financial 2024. Says it outperformed its GBP30 million cost savings target, "mitigating more than £30m of inflation in the year". Notes "strong cash generation through business profitability and continued working capital discipline to close the year with net cash". Says it expects to be able to mitigate the entirety of the direct inflationary impact of the Autumn Budget in the current year, but "retail sales remain volatile and the consumer outlook is uncertain". Adds that it has "has no direct exposure to newly introduced tariffs" since it does not import or export goods to or from the US. Company also names Henry Birch as new chief executive officer, succeeding Graham Stapleton who is stepping down effective immediately.
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SMALL-CAP - LOSERS
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Robert Walters PLC, down 2.4% at 221.5p, 12-month range 219p-437p. The London-based international recruitment company says net fee income for the first quarter of 2025 is down 17% on-year, to GBP67.3 million from GBP81.3 million the previous year. Asia Pacific income has fallen 16% to GBP27.4 million, while Europe income has fallen 24% to GBP21.9 million. UK net fee income, meanwhile, is down 4% at GBP12.6 million. "Global hiring markets remained challenging during the first quarter," comments CEO Toby Fowlston. "We saw some pockets of growth in the UK and broadly stable activity levels in Asia-Pacific, however the weaker sentiment seen in Europe in late 2024 has continued. More recently, increased uncertainty regarding the flow of global trade due to tariffs is likely to be a further headwind to client and candidate confidence in the near term - limiting visibility on the outlook for the balance of the year at the present time." He continues: "We remain highly focused on our strategic initiatives to strengthen the business. We are rigorously engaged in improving fee earner productivity across our markets, driving efficiencies in our front and back-office teams, optimising our office network and leveraging more co-ordinated procurement."
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By Emma Curzon, Alliance News reporter
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De La RueHalfordsRobert Walters