The following stocks are the leading risers and fallers on AIM in London on Friday.
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AIM - WINNERS
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AFC Energy PLC, up 22% at 17.84 pence, 12-month 11.18p-34.94p. The provider of hydrogen-powered generator technologies teams up with tool and equipment hire services firm Speed Hire PLC. The two companies propose the launch of a joint venture dedicated to the hire of hydrogen powered generator plants. ‘This collaboration, which follows the successful launch of AFC Energy’s H-Power Generators last year, will provide the UK construction and temporary power market with AFC Energy’s sustainable, zero emission temporary power solutions designed specifically for the off-grid power market,’ it says. It will form a 50:50 JV, which will then purchase 30 kilowatt H-power generators from AFC for around £2 million. Shares in Speedy Hire rise 1.1%.
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AIM - LOSERS
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WH Ireland Group PLC, down 62% at 8.55p, 12-month range 4.9p-37p. The wealth manager raises funds at a steep discount, and announces cost-cutting measures amid a cash crunch. Raises £5.0 million in a placing of shares at 22.5p each; an 87% discount to its closing price on Thursday. This comes as its current regulatory capital position was around £1.9 million, which was below the regulatory requirements of the Financial Conduct Authority. Had been in talks with the FCA over a solvent wind down if more funds weren’t raised. ‘The proceeds of today’s placing bolsters our regulatory capital and together with the cost reductions we are implementing, we believe provide a stable platform from which the company can navigate these challenging markets,’ says CEO Phillip Wale. As part of the cost-cutting, will begin consultations over cutting jobs, and salary sacrifice from members of senior management.
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YouGov PLC, down 8.5% at 988p, 12-month range 770.00p-1,600.00p. The research and data analytics expects its full-year revenue to be at the lower end of the market consensus range, which it cites as £257 million to £274 million, compared to £221.1 million a year earlier. Adjusted operating profit is expected in line with expectations, with YouGov citing a range of £46 million to £50 million. ‘As previously communicated, the group experienced longer sales cycles and protracted client decision making at the start of this calendar year. The group continues to focus on selling high-margin products and services and remains disciplined to ensure delivery of sustainable, profitable growth,’ it explains. Additionally, confirms shakeup to leadership. Steven Hatch will join as CEO, succeeding Stephan Shakespeare, who will become non-executive chair. Roger Parry steps down from non-executive chair role after 16 years. The changes are effective from Tuesday.
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