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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Silver Bullet Data Services Group PLC, up 33% at 37.90 pence, 12-month range 18.50p-93.50p. The provider of digital transformation services and products says revenue in first half increased and its cost base declined as it sizes up achieving headline pretax profit in the first quarter of 2024. Silverbullet expects to report a first-half revenue hike of 76% to £4.1 million from £2.3 million a year prior. It also has ‘significantly’ cut its cost base year-on-year, ‘to reflect the focus on achieving a headline profit before tax in Q1 2024’. ‘We are delighted that the momentum in the first quarter has continued, with particularly impressive growth from our 4D AI platform,’ Chief Executive Ian James says.
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Eco Atlantic Oil & Gas Ltd, up 11% at 15.80p, 12-month range 12.50p-46.00p. The oil and gas exploration company buys an additional 60% stake in the Orinduik block in offshore Guyana from Tullow Oil PLC. Eco Atlantic will hold a 75% interest as a result of the deal, with TOQAP Guyana BV, a joint venture between TotalEnergies SA and QatarEnergy, owning the remainder. Eco Atlantic will pay $700,000 to Tullow upfront, $4 million in the event of commercial discovery and $10 million upon the issue of a production licence from the government of Guyana. In addition, Tullow will have a royalty on future output. Tullow shares are 0.9% higher.
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Marks Electrical Group PLC, up 4.2% at 98.50p, 12-month range 55.00p-102.00p. The online electricals retailer hails a ‘fast start’ to its financial year. Revenue in the four months to July 31 surges 31% on-year to £36.2 million. Chief Executive Mark Smithson adds: ‘Despite a challenging market backdrop, including wage inflation and strong competitor activity on gross margin, we have maintained our tight control on inventory, overhead cost management and disciplined capital allocation, ensuring we have a healthy cash position and remaining focused on profitable market share gains as our brand awareness continues to grow.’
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AIM - LOSERS
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Jarvis Securities PLC, down 15% at 124.80p, 12-month range 91.20p-199.50p. The stockbroking and administration services provider warns of a costlier-than-expected probe on one of its divisions. A ‘skilled person’ is reviewing the system and controls of its Jarvis Investment Management unit. The company has suffered amid ‘associated restrictions on Model B clients’. This has led to the loss of some customers and revenue in the Model B division. ‘In addition the costs associated with the skilled person review are higher than anticipated. These factors, combined with reduced trading volumes caused by market conditions, mean that the company is now trading below current market expectations,’ Jarvis warns.
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