5th Apr 2023 10:32
(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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Topps Tiles PLC, up 5.3% at 48.94 pence, 12-month range 37.00p-58.20p. The Leicestershire, England-based tile seller delivers "record" period in the first half of its financial year ended April 1. Revenue climbs 9.5% year-on-year to GBP130.5 million. The company noted that about GBP9.0 million of revenue growth is related to the acquisition of Pro Tiler Tools and the launch of Tile Warehouse in 2022. Looking ahead, Topps Tiles expects profit in the current financial year to be weighted towards the second half. "The economic outlook remains uncertain but early signs of easing supply chain pressures, allied to the group's strong balance sheet, world class customer service, specialist expertise and growth strategy give us confidence in our ability to drive value for all stakeholders over the medium term," Chief Executive Rob Parker says.
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Lookers PLC, up 3.3% at 87.76p, 12-month range 59.70p-99.00p. The integrated automotive retail and service group says revenue in 2022 climbs to GBP4.30 billion from GBP4.05 billion. Lookers says this reflects strong trading across all divisions despite supply restrictions and logistics disruption. However, pretax profit falls to GBP84.4 million from GBP90.0 million. The company proposes a final dividend of 2.0p per share, bringing the full-year dividend up by 20% year-on-year to 3.0p from 2.5p. Looking ahead, Lookers said it has had an excellent start to the first quarter of 2023, with profit ahead annually. "Board remains mindful of continued trading headwinds including economic uncertainty, inflationary pressure and both supply and logistics disruption," it warns.
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SMALL-CAP - LOSERS
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Speedy Hire PLC, down 3.7% at 31.15p, 12-month range 30.85-53.69p. The tool and equipment hire services company expects report pretax profit for the year ended March 31 in line with the board's expectations. Also expects revenue to be up about 14% annually. However, Speedy Hire warns that there has been "some" softening of demand in recent weeks. Also noted that its external investigation into the issue identified with non-itemised assets, including a review of controls and accounting procedures, continues to progress. The company expects to announce its final results for the financial year on June 6.
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By Sophie Rose, Alliance News reporter
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