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Pin to quick picksReach Plc Share News (RCH)

Share Price Information for Reach Plc (RCH)

London Stock Exchange
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Share Price: 86.40
Bid: 85.30
Ask: 85.90
Change: 0.90 (1.05%)
Spread: 0.60 (0.703%)
Open: 85.20
High: 87.10
Low: 84.20
Prev. Close: 85.50
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SMALL-CAP WINNERS & LOSERS: Reach and Wickes sink on dark outlook

Tue, 26th Jul 2022 11:12

(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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Sabre Insurance Group PLC, up 5.7% at 108.20 pence, 12-month range 100.00p-276.00p. Shares in the insurer rise despite cutting dividend after profit decline. Sabre posts pretax profit of GBP4.3 million in the first half of 2022, down 81% from GBP22.2 million the year before, as net insurance claim costs jumped 62% to GBP59.3 million from GBP36.5 million. Sabre declares an interim dividend of 2.8 pence, down 24% year-on-year from 3.7p a year prior, in line with its policy and expectations for improved profit in the second half. Sabre expects to be able to pay further dividend for the full year. Earlier this month, Sabre had warned first-half profit would be hit by inflationary pressures.

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Oxford BioMedica PLC, up 1.8% at 465.00p, 12-month range 414.00p-1,678.00p. The gene and cell therapy company signs new licence and supply agreement with an unnamed US-based biotechnology company. Agreement will grant its new partner a non-exclusive licence to utilise the Oxford BioMedica's LentiVector platform for its application in its lead CAR-T programme.

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SMALL-CAP - LOSERS

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Reach PLC, down 27% at 85.45p, 12-month range 84.00p-430.00p. Shares hit 12-month low after newspaper publisher issues worrying outlook alongside its interim results. In the six months ended June 26, pretax profit rises 25% to GBP32.0 million from GBP25.7 million a year ago as revenue shrinks by 1.6% to GBP297.4 million from GBP302.3 million. The Daily Mirror owner warns: "Energy prices [are] fuelling all-time high newsprint cost; not forecasting any improvement during financial year 2022...In the context of an uncertain macro and political climate, we remain mindful of the risk of further deterioration in economic conditions."

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Wickes PLC, down 20% at 134.71p, 12-month range 28.80p-267.78p. Shares hit 12-month low after home improvement retailer warns of "signs of softening" in the DIY market in recent weeks, leading it to expect a fall in annual profit. For the 26 weeks to July 2, like-for-like sales growth is 0.8% year-on-year. This comprises a 4.0% decline in the first quarter offset by growth of 5.4% in the second quarter. "DIY sales remain below last year and although activity is ahead of pre Covid levels, there have been signs of the market softening in recent weeks," Wickes says. As such, expects full-year adjusted pretax profit in a range of GBP72 million to GBP82 million, which would be below the GBP85.0 million achieved in 2021.

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By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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