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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Henry Boot PLC, up 2.7% at 230.00 pence, 12-month range 215.00p - 349.00p. The property developer reports a rise in annual profit and revenue, thanks to strong sales activity across its three key markets in 2022 and despite a ‘turbulent year’ - according to Chief Executive Tim Roberts - in which rising interest rates led to a downward rerating of the UK property market. Pretax profit totals £45.6 million in 2022, up from £35.1 million the year prior. Revenue jumps to £341.4 million from £230.6 million. Return on capital employed is 12%, up from 9.6% in 2021. Net asset value per share at year-end is 295p, up from 267p at the same time at year prior. Looking ahead, Henry Boot says it expects 2023 to be a ‘tougher year’ and remains cautious about the near-term trading climate. The Sheffield-based firm proposes a final dividend of 4.0p, up 10% from a year prior.
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SMALL-CAP - LOSERS
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Luceco PLC, down 5.8% at 122.42 pence, 12-month range 63.47p - 250.00p. The wiring accessories, electric vehicle chargers, LED lighting, and portable power product supplier says its annual results are in-line with its trading update in January and reflect the normalisation of performance after a record 2021. Pretax profit drops 32% to £11.7 million in 2022 from £33.3 million in 2021. Revenue, meanwhile, rises 20% to £206.3 million from £228.2 million. Chief Executive John Hornby said: ‘These results are significantly ahead of pre-pandemic levels and, although they don’t match the record benchmark set last year, they underline the strategic progress we have made over recent years. A record cash flow performance for the year has also left our balance sheet in great shape.’ Trading in early 2023 has been in-line with expectations, with tailwinds from reduced customer destocking, improved gross margin and lower input costs.
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Zotefoams PLC, down 3.6% at 335.64 pence, 12-month range 233.00p - 410.00p. The London-based cellular material technology producer reports pretax profit jumps 75% to £12.2 million in 2022 from £7.0 million in 2021. Revenue increases by 26% to 127.4 million from 100.8 million. Notes that strong sales growth and improved margins generates record revenues and profits ahead of initial expectations. Says the positive results are driven by price increases and an increase in sales of its Azote polyolefin foam products. However, Zotefoams offers a more subdued outlook for 2023: ‘We currently expect that, for the year as a whole, polyolefin foams volumes will be at a similar level to last year, with more challenging conditions in the UK and continental Europe offset by growth in North America and other geographies.’
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