The following stocks are the leading risers and fallers on AIM in London on Thursday.
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AIM - WINNERS
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Sound Energy PLC, up 6.6% at 0.60 pence, 12-month range 0.8p-2.13p. The Morocco-focused upstream gas company said it has received court papers confirming the withdrawal of cases between Sound Energy and the Moroccan Tax authority. It says the court cases have now been ‘formally closed.’
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Biome Technologies PLC, up 12% at 142.00p, 12-month range 40p-183p. The bioplastics and radio frequency technology company says its Stanelco RF Technologies division has been awarded a £452,000 contract to supply an unnamed global scientific glass product manufacturer with a novel induction furnace system. The system will be designed and built at Stanelco’s Marchwood, England facility. Final completion is expected in 2024 but some revenue may be recognised this year depending on the availability of key components. Stage payments will be received against milestones. The project’s revenue and cash flows are included in Biome’s existing guidance.
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AIM - LOSERS
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Oracle Power PLC, down 18% at 0.11p, 12-month range 0.1p-0.42p. The Pakistan-focused developer of energy projects said it has raised £363,000 through a placing of 323.0 million shares and a subscription of 40.0 million shares. The shares were priced at 0.1p each. The proceeds from the fundraising will be used primarily to support the advancement of the company’s green hydrogen project, through its joint venture with Sheikh Ahmed Dalmook Al Maktoum, and also go toward general working capital.
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Alpha Financial Markets Consulting PLC, down 16% at 420.00p, 12-month range 345.9p-508p. The asset and wealth management and insurance consultancy said revenue in the year ended March 31 jumped 45% to £228.7 million from £158.0 million. Pretax profit soared 73% to £25.8 million from £14.9 million. Looking ahead, Alpha Financial said it is ‘mindful’ of economic uncertainty. ‘We have also recently seen a lengthening sales cycle and increased competition as a result of the current overcapacity in the global consulting market. This is expected to be a short-term backdrop, while the consulting market balances supply with overall demand. The medium to long-term outlook for our key client markets is positive, with the structural drivers of demand and growth remaining strong,’ the company added.
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