(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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MJ Gleeson PLC, up 2.7% at 599.90 pence, 12-month range 572.00p-910.00p. The housebuilder signs UK government's housing safety pledge even though none of the buildings in development in which its legacy arm was involved with were over 11 metres tall, or 36 feet, for which the safety pledge rules apply. The company adds that it is assessing the buildings which it aims to conclude by June 30.
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SMALL-CAP - LOSERS
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Avon Protection PLC, down 21% at 1,038.31 pence, 12-month range 860.00p-3,660.00p. The personal protection company says annual earnings are likely to come in lower than previous expectations. Avon notes a weaker-than-expect sales mix in its half year ended March 31, as well as additional costs stemming from supply chain issues and inefficiencies in its processes have squeezed its margin. Earnings before interest, tax, depreciation and amortisation margin is expected around 10% for the period. It expects profit and margin to improve over its second half, but does not expect to make up the deficit from the first half.
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Lookers PLC, down 4.3% at 91.85p, 12-month range 53.59p-102.00p. The car dealer hails record year and reinstates its dividend, though it warns of cost pressures and scarce new car supply in 2022. Says revenue in 2021 rose 9.5% to GBP4.05 billion from GBP3.70 billion. Pretax profit surges to GBP90.0 million from GBP1.5 million. Lookers points to ongoing semiconductor shortage that will also hit new car supplies in 2022. Inflation will lead to "material cost increases" for the company, it adds.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Avon Protection (AVON)
MJGleeson (GLE)