24th May 2023 10:28
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.
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SMALL-CAP - WINNERS
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CT Property Trust Ltd, up 21% at 77.20 pence, 12-month range 60.00p-96.20p. The real estate investment trust agrees to be acquired by FTSE 250-listed LondonMetric Property PLC in an all-share deal worth GBP198.6 million. LondonMetric will issue 0.455 of a LondonMetric share for each CTPT share, valuing each CTPT share at 85.5p and giving CTPT shareholders a 9.7% stake in LondonMetric. Shares in LondonMetric were down 6.3% to 176.10p.
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Zotefoams PLC, up 3.8% at 379.00 pence, 12-month range 233.00p-414.00p. The company says trading in the four months ended April 30 has been "strong". Annually, group sales increased by 15% in the period. High-Performance Products sales increased by 19%, whilst Polyolefin Foams sales rose 14%. Looking ahead, Zotefoams expect further sales growth in the year to come. Chief Executive David Stirling says: "I am pleased with the business performance in the first four months of the year and also the progress made on ReZorce carton development. The business has opportunities for growth in a number of HPP markets and better margins in Polyolefin Foams reflect pricing and cost management actions taken over the past year."
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SMALL-CAP - LOSERS
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Avon Protection PLC, down 3.7% at 839.00p, 12-month range 732.00p-1,265.00p. Shares in the personal protection equipment company remain under pressure, after a revenue warning on Tuesday. Avon Protection warned of "softer demand" for respiratory mask systems and reported weaker-than-expected first-half revenue. In the half-year that ended April 1, revenue fell 4.7% to USD116.2 million from USD121.9 million a year prior, but its pretax loss narrowed to USD5.3 million from USD13.6 million. Looking ahead, Avon Protection said it expects full-year revenue excluding body armour to be about 9% lower.
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By Sophie Rose, Alliance News reporter
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