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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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Cellular Goods PLC, up 25% at 0.53 pence, 12-month range 0.40-2.00p. The cannabidiol-focused skincare brand announces that its wholly-owned subsidiary, King Tide Carbon Canada Ltd, has signed an agreement with Springtide Seaweed LLC to form a joint venture focused on carbon sequestration and removal services through sustainable kelp farming. Springtide Seaweed focuses growing, cultivating and harvesting kelp and providing nursery and farm technology services to other kelp farms. Under the collaboration, King Tide and Springtide will combine efforts to identify, analyse and select kelp species, cultivation techniques and harvesting techniques to maximise carbon sequestration and removal. The term of the joint venture will be for two years, with an option to extend.
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SMALL-CAP - LOSERS
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Forterra PLC, down 7.6% at 132.90 pence, 12-month range 131.40-248.00p. The clay and concrete building products manufacturer laments that the signs of market improvement seen in May and June did not continue into the second half of the year. In July, the company guided for full-year earnings before interest, tax, depreciation and amortization with a more balanced split between the first and second half. However, Forterra says it now expecting demand demand to remain at the level it has experienced over the past quarter and, consequently, expects full-year Ebitda to be below its previous expectations.
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Trustpilot Group PLC, down 6.7% at 102.80 pence, 12-month range 62.45-129.40p. Shareholder Northzone VI LP sells 13 million shares in the consumer reviews platform at a price of 103 pence each, worth around GBP13.4 million and representing around 3.1% of the company's share capital. Northzone, a venture capital fund, first backed in Trustpilot back in 2011 as lead investor in a series A funding round. Trustpilot receives no proceeds from the sale.
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Treatt PLC, down 5.1% at 460.00 pence, 12-month range 420.00-731.00p. The extracts and ingredients manufacturer and supplier falls back after a strong share price performance on Tuesday in the wake of a sunny trading update. Treatt said it expects its revenue for the year ended September 30 to be GBP147 million, up 5% from GBP140 million the year prior despite a "challenging" environment and sector destocking. Pretax profit is predicted to be line with expectations of GBP17 million, up 11% from GBP15.3 million the year prior. Barclays and Berenberg also cut their price targets for the stock on Wednesday. Barclays cuts its target to 680p from 700p, while Berenberg cuts its target to 730p from 780p.
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By Heather Rydings, Alliance News senior economics reporter
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