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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Kodal Minerals PLC, up 21% at 0.52 pence, 12-month change 0.20-0.93p. The West Africa-focused mineral explorer and developer says its subsidiary Kodal Mining UK Ltd, Hainan Mining Co Ltd and Hainan’s subsidiary Xinmao Investment Co Ltd have approved an extension for the Bougouni lithium project funding package, originally announced in January. Deadline moves to September 30 from August 31. Continues to work with the Mali government to finalise the remaining compliance that will complete the funding. Notes all approvals have been obtained from the Chinese government. Adds that it has also completed the full registration of a new mining company, Le Mines de Lithium de Bougouni SA, which is a 100% subsidiary of Kodal Mining UK.
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Crossword Cybersecurity PLC, up 7.7% at 7.00 pence, 12-month range 6.00-26.00p. The cybersecurity firm expects to report revenue of £1.9 million in the six months ended June, up 27% from the year prior. Notes there has not been a slowdown in cybersecurity spending among its core regulated and critical national infrastructure clients. Consequently, expects to meet market expectations for full-year revenue. Adds its overall gross margin improved by 4 percentage points in the first half of the year and its administrative expenses have stabilised. Eyes a revenue growth rate of 30% for 2024 and aims to deliver earnings before interest, tax, depreciation and amortisation and cash breakeven on a monthly basis during the second half of 2024.
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AIM - LOSERS
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Ovoca Bio PLC, down 82% at 2.50 pence, 12-month range 2.50-14.80p. The women’s health-focused biopharmaceutical company announces that the top-line results from its phase two dose-ranging study assessing Orenetide did not show statistically significant superiority versus placebo on its co-primary endpoints. The study evaluated the effect of a range of daily administered Orenetide doses on a lack or loss of sexual desire in 667 women. Its co-primary endpoints were sexual desire, as measured by the female sexual function index desire domain, and the degree to which a participant is bothered by low sexual desire, as measured by the female sexual distress scale. Other secondary efficacy endpoints were also shown not to have statistically significant differences versus a placebo.
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Eneraqua Technologies PLC, down 22% at 73.99 pence, 12-month range 60.00-389.60p. The energy and water efficiency solutions provider expects revenue to be at least £26.0 million in the first half of its financial year, up from £24.3 million the year prior. Also expects to be profitable on an earnings before interest, tax, depreciation and amortisation basis, in line with expectations. However, notes that the UK government intends to change the legislation that governs development in nitrate-sensitive areas. Says announcement was unexpected and company is waiting to fully understand the implications of the proposals. Expects clients to delay projects until there is greater clarity. Expects this will ‘materially impact’ its ability to deliver against its original budget. Consequently, expects Ebitda in the full-year will be ‘materially below’ current market expectations of £8.8 million.
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