The following stocks are the leading risers and fallers on AIM in London on Monday.
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AIM - WINNERS
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Gresham House PLC, up 55% at 1,056.25 pence, 12-month range 652p-1,065p. The asset manager says it has reached an agreement on a cash takeover offer from Searchlight Capital Partners LP. Gresham shareholders will receive 1,105p per share, which is a 63% premium to Friday’s closing price of 680.00p. The offer values Gresham at around £469.8 million, or £440.6 million on an enterprise value basis. Gresham’s board of directors said they intend to unanimously recommend the offer at the court and general meetings to come in due course. ‘Searchlight is attracted by Gresham House’s position as one of the UK’s leading asset managers in sustainable alternative asset classes, which show strong investor interest and allocation,’ the joint release says.
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Concurrent Technologies PLC, up 23% at 70.25 pence, 12-month range 54.00p-92.00p. The embedded computer products manufacturer gives an upbeat outlook for the first half. It expects to report revenue of around £12 million, up from £7.4 million a year before. Pretax profit is expected to be about £1 million, compared to £32,413 a year before. For the whole year, Concurrent expects to deliver revenue that is slightly ahead of market expectations, with profit before tax to be ‘materially ahead’ of expectations. ‘We are at an inflection point. Now that components are becoming more readily available, we will enter a period of growth,’ says CEO Miles Adcock.
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AIM - LOSERS
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Dianomi PLC, down 40% at 47.15p, 12-month range 45.5p-206p. The London-based digital advertising platform expects annual revenue to miss market expectations and fall below the previous year. In 2023, expects revenue to be between £30.5 million and £32.5 million, down 9.5% to 15% from £35.9 million in 2022. The company also expects an 18% decline in revenue in the first half of 2023 from a year earlier, when it was £18.0 million. This was because the prior year benefitted from a strong first quarter, Dianomi says, before ‘advertiser caution set in’ in the second quarter of 2022. Dianomi also notes a 10% to 30% fall in traffic levels across its direct publisher inventory in the first half of 2023 from a year earlier. ‘As a consequence, while demand from Dianomi’s [over] 400 premium financial and lifestyle advertisers has remained consistent with the backdrop announced at full year 2022 results, the reduced traffic across its publishers naturally impacts Dianomi’s ability to generate revenue from the adverts it places on their digital properties,’ the company explains.
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