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(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.
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SMALL-CAP - WINNERS
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Norcros PLC, up 3.6% at 219.52 pence, 12-month range 134.00p-222.70p. The kitchen and bathroom products supplier's share price rises after Deutsche Bank starts its coverage of the stock with a 'buy' rating, setting a target price of 305p per share.
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SIG PLC, up 2.6% at 27.96p, 12-month range 25.35p-43.70p. The share price of the specialist insulation, roofing and sustainable building products supplier rises, despite Deutsche Bank starting its coverage of the stock with a 'sell' rating, setting a target price of 23p per share.
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SMALL-CAP - LOSERS
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Ultimate Products PLC, down 11% at 151.50p, 12-month range 113.00p-185.50p. The share price of the owner of homeware brands, including Salter and Beldray, fell despite launching a share buyback programme of up to GBP1 million to run until the end of July. This is because revenue falls by 7% in the three months ended April 30, its third quarter. Ultimate Products says trading was hit by a slowdown in near-term sales from landed stocks, typically at higher gross margin, reflecting the broader slowdown seen in retail sales to consumers. It expects these trading conditions will continue throughout its fourth quarter.
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TT Electronics PLC, down 4.7% at 162.00p, 12-month range 133.60p-189.80p. In the four months ended April 30, the electronic component manufacturer says revenue falls 2% on an organic basis from a year earlier, but up 1% excluding the impact of pass-through revenues, which it says continue to reduce. Looking ahead, Chief Executive Officer Peter France comments: "Whilst there is continuing global macro-economic uncertainty, the outlook for our markets remains good. The significant orderbook coverage and our prompt actions across the business underpin the board's confidence in an unchanged outlook for the year and the delivery of the 10% operating margin target. Project Dynamo is progressing at pace and the new organisational structure is already helping to optimise resources, drive operational standards and increase customer intimacy as we remain laser focused on efficiency, growth and innovation."
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By Greg Rosenvinge, Alliance News senior reporter
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