SMALL-CAP WINNERS & LOSERS: Macfarlane notes challenging start to 2024

Tue, 07th May 2024 10:34

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.

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SMALL-CAP - WINNERS

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Robert Walters PLC, up 6.6% at 392.10 pence, 12-month range 344.00p-490.00p. The recruitment consultancy firm's share price rises after Deutsche Bank starts its coverage of the stock with a 'buy' rating, setting a target price of 600p per share.

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Mears Group PLC, up 3.0% at 379.00p, 12-month range 231.00p-380.00p. The housing maintenance and social housing provider share price rises after Deutsche Bank starts its coverage of the stock with a 'buy' rating, setting a target price of 425p per share.

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SMALL-CAP - LOSERS

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Macfarlane Group PLC, down 8.1% at 130.47p, 12-month range 98.38p-147.50p. In a trading statement ahead of its annual general meeting, the packaging company says the start of 2024 had been challenging, with first quarter sales and profit lower than a year earlier. Sales fall 9.5%, which Macfarlane blamed on continued weak customer demand and price deflation, with the profit hit being partially offset by "strong gross margins and the benefit of acquisitions". Despite this, it says its expectations for the full-year are unchanged. Macfarlane expects an improved trading performance in the second half of 2024 through the "conversion of a strong new business pipeline combined with some sales recovery from existing customers, good management of gross margins, control of costs and further benefits from M&A activity".

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By Greg Rosenvinge, Alliance News senior reporter

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