(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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Castings PLC, up 5.6% at 338.00 pence, 12-month range 282.52p-420.00p. The iron casting and machining company says it expects results for year ended March 31 to be slightly ahead of market expectations. Notes unpredictable and sudden changes to the customer schedules have caused inefficiencies which have put pressure on margins. However, management has taken actions to partially mitigate this margin pressure, it adds.
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Henry Boot PLC, up 1.4% at 328.36p, 12-month range 253.00p-341.23p. The housebuilder and property developer says its land promotion business, Hallam Land Management, has completed the sale of 2,170 residential plots in Didcot, Oxfordshire to national housebuilders Taylor Wimpey PLC and Persimmon PLC. Henry Boot says it has continued to make strong headway towards HLM's annual revenue and profit target, which stands at over 60% of its 2022 goal. It is also "well on track" to meet medium-term growth objectives due to a strong housing market and HLM's continuously replenished land bank, it adds.
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SMALL-CAP - LOSERS
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Luceco PLC, down 24% at 148.32p, 12-month range 142.20p-513.00p. Shares in the LED products maker hit 12-month low as revenue for the first quarter slips. Says revenue for the quarter was 3% lower on annual basis after a slowdown in UK DIY activity, particularly affecting demand for higher-margin wiring accessories. Luceco says it has seen a decrease in sales this year due to customers overstocking supply chains in 2021. Further, it says normalisation of customer inventory levels will hold back profit in 2022. For 2022, Luceco expects revenue to be GBP15 million below 2021 levels and adjusted operating profit - which excludes exceptional and other one-off items - GBP10 million lower.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Luceco (LUCE)
Henry Boot (BOOT)
Castings (CGS)