26th May 2023 10:02
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.
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SMALL-CAP - WINNERS
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Sabre Insurance Group PLC, up 2.1% at 127.8 pence, 12-month range 80.77p-216.97p. Hamburg-based investment bank Berenberg raises the motor insurance provider's stock to 'buy' from 'hold', raising the target to 153p from 93p. On Thursday, Sabre said it expects to deliver high single-digit growth in gross written premiums, with its motor business expected to produce low double-digit growth. However, it reports a 1.5% drop in gross written premiums in the four months to April 30.
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SMALL-CAP - LOSERS
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Kin & Carta PLC, down 8.0% at 65.58p, 12-month range 58p-253.5p. The London-based business consultancy says it expects net revenue for financial 2023 ending on July 31 to be flat to about 2% higher compared to the year before. It had previously guided for growth between 8% and 12%. Says the revised guidance reflects recent currency movements, which are expected to bring around GBP3 million in headwinds during the second half, compared to the previous market forecast. Chief Executive Officer Kelly Manthey says: "Although we're maintaining a pattern of quarter by quarter net revenue growth, it isn't as strong as we'd expected. The market is more difficult with clients cautious about committing to large programme spends. Normally we see a significant acceleration in our second half revenue growth, but this has not materialised."
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Halfords Group PLC, down 4.8% at 192.3p, 12-month range 123.9p-234.4p. Royal Bank of Canada cuts the motoring retailer's stock to 'sector perform' from 'outperform'.
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By Elizabeth Winter, Alliance News senior markets reporter
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