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(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.
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SMALL-CAP - WINNERS
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Topps Tiles PLC, up 2.3% at 49.60 pence, 12-month range 37.00-55.00p. The tile retailer says sales have remained strong, reporting sales growth of 7.6% year-on-year in the 39-weeks ended July 1. In the third quarter of its financial year, reports like-for-like sales were 2.5% higher than last year. Notes its gross margin has improved quarter-on-quarter as inflationary pressures on cost of goods and shipping costs reduce. Topps Tiles remains confident that adjusted pretax profit in the second half of its year will be "materially" higher than in the first. Expects to perform in-line with market expectations for the year as a whole. Market consensus sees adjusted pretax profit at GBP11.8 million in a range of GBP11.3 million to GBP12.3 million.
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Xaar PLC, up 2.0% at 178.42 pence, 12-month range 140.00-240.00p. The inkjet printing technology firm signs an exclusive commercial partnership to manufacture Quantica GmbH's NovoJet printheads. Expects initial NovoJet printheads to be shipping in Quantica's first 3D printers from the end of 2023. The agreement also gives Xaar commercial access to Quantica's intellectual property in the jetting of highly viscous materials. Company explains this will complement its existing printheads and ImagineX technology portfolio.
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SMALL-CAP - LOSERS
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SIG PLC, down 10% at 30.90 pence, 12-month range 27.00-45.38p. The insulation and building products supplier reports flat like-for-like revenue of GBP1.42 billion in the first half of 2023, reflecting declines in volume. Notes that market conditions during the half were "challenging and variable" with "notably softer" demand in May and June. Adds that the timing of demand recovery remains uncertain. Underlying operating profit is expected at GBP33 million for the six-month period and full-year underlying profit is expected towards the lower end of the current range of market expectations. Market expectations for full-year underlying operating profit is between GBP65.3 million and GBP84.0 million.
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PayPoint PLC, down 2.9% at 453.49 pence, 12-month range 372.50-660.00p. The payment services company delays the publication of its financial 2023 results due to a technical accounting treatment relating to the balance sheet of Appreciate Group. Explains this is still in the process of being reviewed. Appreciate is a multi-retailer redemption product provider. PayPoint earlier this year agreed to buy Appreciate in a deal which valued the company at around GBP83 million. The company also reconfirms its full-year guidance. Confirms that its net revenue, excluding Appreciate Group, is expected to be around GBP125 million, up from GBP115.1 million a year earlier. Expects pretax profit for the financial year will be at the top end of the range of market expectations, excluding exceptional items and Appreciate impacts since completion of that acquisition.
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By Heather Rydings, Alliance News senior economics reporter
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