The following stocks are the leading risers and fallers on AIM in London on Tuesday.
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AIM - WINNERS
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Fonix Mobile PLC, up 6.0% at 257.00 pence, 12-month range 177.00p-265.00p. The mobile payment and messaging platform says pretax profit rises 28% to £7.4 million in the six months that ended December 31 from £5.8 million a year before. Revenue climbs 21% to £39.7 million from £32.8 million. It ups its interim dividend by 10% to 2.60p from 2.36p.
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Savannah Resources PLC, up 5.8% at 2.28p, 12-month range 1.50p-5.10p. The company hails results from drilling at the Pinheiro deposit in its Barroso lithium project in Portugal. Results show the ‘highest-grade lithium intercepts to date from the project’. ‘Pinheiro is the first deposit scheduled to be mined when the project begins production, and these new high-grade results point towards the potential for a significant improvement in the project’s early cashflow,’ Savannah Resources says. Shares in the company fell 1.8% on Monday, as investors worried about what an uncertain political picture in Portugal could mean for Barroso’s prospects. The centre-right Democratic Alliance won the most votes, but only just, narrowly beating the Socialist Party. President Marcelo Rebelo de Sousa will meet with the two political parties over the next week or so in an attempt to name a prime minister and end an impasse.
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AIM - LOSERS
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CVS Group PLC, down 22% at 1,143.62p, 12-month range 1,076.00p-2,226.00p. CVS was among the worst performers on the junior market after the UK’s competition watchdog stepped up scrutiny on the pet care sector. The Competition & Markets Authority said an initial review of the sector, announced in September, had highlighted ‘multiple concerns’ in the market. The CMA has provisionally decided that it should launch a formal market investigation. In response, CVS Group says it has engaged ‘constructively and proactively’ with the CMA throughout its review. CVS says it, along with other corporate groups who together own around 50% of first opinion practices in the UK, has put forward a package of possible remedies to address the CMA’s concerns. CVS believes this package could be adopted across the market and could address the CMA’s concerns more quickly than an 18-month investigation.
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