4th May 2023 10:40
(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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LSL Property Services PLC, up 5.7% to 295 pence, 12-month range 211p-405p. Newcastle-based estate agency announces "milestone" in its strategy, with its entire owned estate agency network, consisting of 183 branches, to become franchises. Reaches long-term franchise agreements for 143 of the branches, will agreements for the remainder "at an advanced stage". "Following completion of these agreements, LSL will become one of the largest providers of estate agency franchise services in the UK, supplying services to a network of just over 300 branches," it says. The move will achieve "significant" cost reductions immediately, with more to come over time. It will have a neutral impact on LSL's underlying operating profit this year, but will be accretive from the beginning of 2024 onwards.
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Lookers PLC, up 1.4% at 86.86p, 12-month range 59.7p-94.9p. The automotive retail and service group acquires business and assets of Chelmsford-based Waterhouse Cars Ltd, for undisclosed amount. "The acquisition complements the group's existing Volvo dealership in Colchester and adds 40 dedicated staff to the local team," it says. COO Duncan McPhee says acquisition is evidence of its focus on expanding the business, and is "actively pursuing" its pipeline of opportunities.
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SMALL-CAP - LOSERS
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Porvair PLC, down 4.3% at 614.18p, 12-month range 481p-700p. The manufacturer focused on filtration and separation technology announces it will acquire two businesses, Ratiolab GmbH and Ratiolab Kft, based in Frankfurt and Budapest respectively. The former sells laboratory consumables, while the latter manufacturers them in an 8,000 metre square facility. "The board believes Ratiolab will fit well into the group's Laboratory division, offering a complementary product range and adding European manufacturing capabilities, injection moulding expertise, and routes to market," Porvair says. The acquisition is subject to Hungarian regulatory approval. Also says it acquired business and assets of KRW Inc, a small engineering operation in Idaho, US, to expand its machining and product design skills. Provides no financial details.
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By Elizabeth Winter, Alliance News senior markets reporter
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