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(Alliance News) - 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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Restaurant Group PLC, up 11% at 44.84 pence, 12-month range 25.02p-62.85p. The owner of restaurant chains including Wagamama and Frankie & Benny's reports "very encouraging" trade in the first four months of the year, having delivered around GBP5 million cost savings on an annualised basis. In the four weeks to April 30, Wagamama sales rise 9% on a like-for-like basis, while Pubs sales rise 8% and Concessions rise 20%, helping to offset a 1% fall in Leisure. Says it will close 23 sites as part of its Leisure estate rationalisation plan, and notes "favourable" UK property market dynamics for potential new Wagamama sites on "attractive rent terms with good incentives". It will accelerate the expansion of Wagamama restaurants, and expects seven to eight openings in the financial 2024, compared to previous expectations of five.
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De La Rue PLC, up 4.2% at 43.77p, 12-month range 33p-117.4p. The banknote printer says it is running a "fast track" process to recruit a new chair, following the departure of Kevin Loosemore. "We are not yet at the stage of making a final appointment but are progressing candidates through the final stage of our process. These candidates have strong backgrounds in relevant situations," the firm says. Loosemore recently resigned following months of pressure from the firm's major shareholder Crystal Amber Fund Ltd, who had called for him to step down. In the meantime, the firm names Non-Executive Director Nick Bray as interim chair.
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SMALL-CAP - LOSERS
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abrdn European Logistics Income PLC, down 1.1% at 70.50p, 12-month range 66.00p-109.60p. The investment trust, which finances European logistics real estate, agrees a lease renewal with Biocoop, an organic food distributor. The 12-year lease will generate annual contracted rent of EUR2.5 million, the trust says, which is equivalent to EUR86 per square metre. "This new long-term lease demonstrates the ongoing demand for highly sustainable, tenant critical warehouse space in Europe," says Troels Andersen, lead fund manager.
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By Elizabeth Winter, Alliance News senior markets reporter
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