The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.
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SMALL-CAP - WINNERS
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Zotefoams PLC, up 10% at 352.98 pence, 12-month range 233p-414p. The cellular materials technology firm announces a joint development agreement with an unnamed ‘world-leading packer of beverages’. This follows successful internal trials. The agreement will encompass the further development of the firm’s ReZorce monomaterial beverage carton packaging, and its use for in-market trials in an unnamed ‘major’ European retailer. The JDA will cover all activities to trial ReZorce cartons, including packing at industrial scale. Initial scope of work is expected to continue until early 2024. ‘This agreement for ReZorce development is an important milestone and we look forward to it delivering results that clearly demonstrate ReZorce is the optimal material solution for beverage cartons,’ says CEO David Stirling.
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Luceco PLC, up 5.5% at 123.00p, 12-month range 63.47p-155p. The LED lighting manufacturer and distributor says its full-year performance is likely to be at the upper end of market expectations, after an ‘encouraging’ first half. In the first six months of 2023, expects revenue of £101 million, around 5.0% down year-on-year, but ahead of its expectations. Post-pandemic customer destocking appears to have ended, it adds. For 2023 as a whole, adjusted operating profit is to be at the upper end of analyst range, which the firm cites as £19.2 to £21.9 million. ‘It is encouraging to again see our gross profit margin improving and reassuring that our order book supports a good outlook for Q3. Material and freight cost pressures continue to ease on the whole, but wage pressures remain,’ says CEO John Hornby. The firm expects a stronger second half, as is typical.
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SMALL-CAP - LOSERS
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Record PLC, down 5.1% at 83.48p, 12-month range 65.51p-101.24p. The currency and derivatives manager says assets under management equivalents fall 1.5% over three months to June 30 to $86.4 billion from $87.7 at the end of May. Says average fees over the period - its first financial quarter - were ‘broadly unchanged’ from the previous quarter. ‘Notwithstanding the challenging macro-economic backdrop, we expect the business to achieve a number of important milestones in financial year 2024, and look forward to the rest of the year with optimism,’ says Chief Executive Leslie Hill.
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