SMALL-CAP WINNERS & LOSERS: Norcros ups outlook; Sabre profit warning

(Alliance News) - The following stocks are the leading risers and fallers among London Main ...

Alliance News 14 October, 2021 | 11:06AM
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(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.

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SMALL-CAP - WINNERS

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Norcros PLC, up 7.6% at 213.00 pence, 12-month range 149.01p-345p. The kitchen and bathroom products supplier says market outperformance continues into new financial year. Revenue for 26 weeks to October 3 to be GBP200 million, up 49% on a year ago and 15% higher than pre-virus levels on like-for-like basis. Now expects interim underlying operating profit no less than GBP21 million, exceeding the GBP12.8 million reported a year ago and GBP17.4 million two years ago. It adds: "Based on the excellent first half performance and the group's strong revenue momentum, we expect underlying operating profit for the year to 31 March 2022 to be significantly ahead of the board's previous expectations."

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Stagecoach Group PLC, up 2.8% at 82.25p, 12-month 35.24p-110.9p. Fellow public transport operator National Express, with which Stagecoach remains in possible merger talks, reports sequential improvement in performance in third quarter. Says UK bus customers now at 76% of pre-Covid levels, and UK Coach passengers at 52% of pre-pandemic levels with 56% of services running. Adds that recent fuel shortages in UK have not impacted business. National Express rises 2.8%.

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SMALL-CAP - LOSERS

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Capital & Regional PLC, down 2.4% at 56.00p, 12-month range 32.30p-96.31p. The shopping centre investor reaches agreement with lenders to restructure and reduce the debt secured over four mall assets - the Mall Blackburn, the Mall Maidstone, the Mall Wood Green and the Mall Walthamstow - including the launch of a fully underwritten open offer to raise GBP30.0 million.

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Sabre Insurance Group PLC, down 2.2% at 190.8p, 12-month range 187p-284.72p. The motor insurance provider warns full-year profit will be "moderately" below analyst forecasts. Says a recovery in motor insurance pricing during the third quarter has been "slightly slower" than expected as Covid-related restrictions unwind. It has maintained pricing discipline trough extended soft market conditions. It expects pretax profit for 2021 will be "moderately below" the analyst forecast range of GBP41 million to GBP46 million "but with dividend levels supported by the strength of our capital position". For 2020, Sabre recorded pretax profit of GBP49.1 million, down from GBP56.5 million in 2019.

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By Lucy Heming; lucyheming@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Sabre Insurance Group PLC 188.00 -
Norcros PLC 301.00 -
National Express Group PLC 233.40 -
Stagecoach Group PLC 75.00 -
Capital & Regional PLC 62.00 -

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