Last checked at 
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.
----------
SMALL-CAP - WINNERS
----------
Chesnara PLC, up 1.3% at 282.5 pence, 12-month range 259p-334.4p. The life insurance and pensions consolidator acquires onshore individual protection business from Canada Life Ltd. Says the life insurance and critical illness policies of around 47,000 customers will transfer to its UK subsidiary, Countrywide Assured PLC. Will pay GBP9 million as part of the reinsurance agreement, to be funded from internal resources. The transaction will provide an uplift of some GBP7 million to the group's economic value and additional cash generation over the next five years of around GBP16 million. Expects the impact on its Solvency 11 ratio to be "broadly neutral".
----------
SMALL-CAP - LOSERS
----------
On The Beach PLC, down 14% at 109.95p, 12-month range 88.8p-251.95p. The beach holiday retailer's interim results fall short of market expectations, despite improving from the previous year. Group booked total transaction value rises 28% to GBP495.0 million. In the six months ended March 31, group revenue rises 38% year-on-year to GBP73.2 million from GBP52.9 million. Less impressively, pretax loss narrows to GBP6.0 million from GBP7.0 million. The profit figure "disappoints" according to Davy Research, saying the firm has focused on growth rather than profitability. However, OTB says it is confident its upfront investment into the brand and position will ensure top and bottom-line growth in the second half.
----------
Forterra PLC, down 4.3% at 185.47p, 12-month range 176.2p-301p. The building products manufacturer says it expects a underlying fall in market demand of 20% compared to 2022. Says customers continue to reduce inventory, with demand currently falling by more than 20%. However, it expects demand to improve as the year progresses. Revenue in the four months to April 30 falls 24% to GBP109 million from GBP143 million a year before, with pretax profit "in line with management expectations". CEO Neil Ash affirms confidence in firm's ability to meet short-term challenges, and capitalise on medium-to-long term fundamentals of the market. "This confidence is underpinned by a longstanding shortage of housing supply, the strong cross-party political support for housebuilding and a long-term deficit of domestic brick production capacity," he says.
----------
By Elizabeth Winter, Alliance News senior markets reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
