22nd Aug 2024 09:53
(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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Mobico Group PLC, up 5.1% at 71.80 pence, 12-month range 45.50p-93.25p. Mobico continues to rise after posting interim results Wednesday. Mobico pledged to take further steps to cut debt as it attempts to improve its financial position, which saw the firm pass on paying a dividend for the first half. These include starting the formal process to sell its North American business plus company-wide initiatives to cut debt. Chief Executive Ignacio Garat said: "Addressing our leverage remains a priority and in addition to commencing the formal sale process for North American School Bus, we have identified new organic debt reduction initiatives that will deliver in the second half." In the six months to June 30, the Birmingham-based transport operator, formerly known as National Express, says pretax loss narrowed to GBP1.5 million from GBP41.9 million a year prior. Revenue climbs 7.6% to GBP1.65 billion from GBP1.57 billion.
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SMALL-CAP - LOSERS
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Macfarlane Group PLC, down 2.9% at 116.50p, 12-month range 98.38p-147.50p. The packaging firm reports revenue of GBP129.6 million in the first half of the year, down from GBP141.6 million a year earlier. Pretax profit falls to GBP9.7 million from GBP10.0 million. Macfarlane ups its interim dividend to 0.96p from 0.94p. It says that the "challenging market conditions" experienced in the latter part of 2023 have continued in 2024. Chair Aleen Gulvanessian adds: "The management team has responded effectively through an improvement in new business growth, the management of price deflation and actions to control operating costs. In addition, the group continues to execute its strategy, making two further high-quality acquisitions."
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By Sophie Rose, Alliance News senior reporter
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