(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.
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SMALL-CAP - WINNERS
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Ediston Property Investment Co PLC, up 4.4% at 66.00 pence, 12-month range 57.20p-80.80p. The real estate investment trust focused on UK commercial property says it is in advanced discussions with a third party buyer regarding a possible sale of the company's property portfolio. Ediston says there can be no certainty at this time that a sale of the company's property portfolio will take place; nor as to the final terms. Ediston launched a strategic review in March. At the time, it said its preference is to merge with "one or more" fellow REITs.
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TT Electronics PLC, up 3.5% at 158.00 pence, 12-month range 123.40p-212.02p. The electronics provider reports that revenue in the six months ended June 30 rose to GBP309.1 million from GBP269.2 million a year earlier. Pretax profit climbs to GBP16.0 million from GBP5.6 million. TT ups its dividend per share to 2.15p from 2.00p, saying that this reflects confidence in full year outlook and future prospects. "The group's order book underpins our full year anticipated revenue projections, and we remain focused on executing on the order book, delivering continued strong profit growth and driving a material step up in free cashflow and further reducing leverage by the year end. While mindful of the macroeconomic backdrop, our performance in the first half, alongside continued strong momentum in the business provides the board with increased confidence in delivering its full year expectations," says Chief Executive Richard Tyson.
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SMALL-CAP - LOSERS
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Xaar PLC, down 2.3% at 180.78p, 12-month range 140.00p-240.00p. The inkjet printing technology firm says revenue in the six months ended June 30 is expected to be GBP34.7 million down from GBP36.6 million a year earlier. Adjusted pretax profit is "in line with management expectations", with the impact of the successful factory re-organisation offset by the planned sale of GBP1.8 million of non-core IP assets. Looking ahead, Xaar says market conditions are expected to improve further in China in the second half of 2023 and coupled with increased customer product launches demand will increase for Xaar printheads. It also continues to expect to deliver results in line with expectations, whilst remaining vigilant to broader macroeconomic conditions.
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By Sophie Rose, Alliance News reporter
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