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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MJ Gleeson PLC, up 4.0% at 463 pence, 12-month range 331p-672p. Shares in the Sheffield, England-based housebuilder and land investor as data from Halifax showed a rise in UK house prices. UK house prices rose 1.1% in February from the month before, after a 0.2% rise in January from December. House prices fell 1.3% month-on-month in December. They rose 2.1% annually in February, with the rate of growth unchanged from the previous two months. ‘Recent reductions in mortgage rates, improving consumer confidence, and a continuing resilience in the labour market are arguably helping to stabilise prices,’ explained Kim Kinnaird, director at Halifax Mortgages.
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SMALL-CAP - LOSERS
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Wincanton PLC, down 25% at 229.25p, 12-month range 198.2p-426.5p. The logistics provider says it has lost a contract with HM Revenue & Customs following a retendering process. The contract was for the logistics services to support UK customs arrangements at inland border facilities, and will be transferred by June. Firm is ‘extremely disappointed’ by the loss of the contract. It warns of a more challenging external environment in the coming year, and says pretax profit in financial 2024 will be ‘materially lower’ than market consensus, which it cites as £63 million. More positively, in the current year to March 31, says trading has been in line with expectations, with revenue growth of around 3% and pretax profit growth above 5%.
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Reach PLC, down 7.7% at 83.7p, 12-month range 64.4p-203.49p. The British newspaper, magazine and digital publisher reports disappointing annual results, as revenue falls 2.3% to £601.4 million from £615.8 million. Pretax profit drops to £66.2 million from £73.3 million. Leaves final dividend unchanged at 4.46p. ‘The next 12 months will bring fresh challenges, but we’ve proven over the past few years that Reach is a resilient business,’ the firm says.
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