The following stocks are the leading risers and fallers on AIM in London on Wednesday.
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AIM - WINNERS
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Norman Broadbent PLC, up 13% at 8.75 pence, 12-month range 4.50p-9.32p. The London-based recruitment firm swings to a pretax profit in 2023 of £309,000 from a loss of £338,000 in 2022. This tracks revenue rising 41% to £12.3 million from £8.7 million, partially offset by operating expenses rising 34%to £10.2 million from £7.6 million and cost of sales rising 21% to £1.7 million from £1.4 million. Chief Executive Officer Kevin Davidson comments: ‘We have taken the opportunity to invest further in the Company, hiring exceptional people and building our platform to take advantage of the market rebound when it comes. Our ambition remains steadfast and we will continue to pursue our aggressive growth strategy, whilst remaining profitable and cash positive, both organically and potentially through synergistic M&A opportunities...Supported by our considerable brand strength and market leading processes and technologies, we are well-positioned for continued success.’
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Allergy Therapeutics PLC, up 11% at 3p, 12-month range 0.37p-3.20p. In the six months that ended December 31, the Sussex, England-based biotechnology company reports pretax loss widening to £14.9 million from £8.2 million a year earlier. Revenue falls 16% to £33.6 million from £39.9 million, while financial expenses soar to £3.2 million from £398,000. Chief Executive Officer Manuel Llobet comments: ‘2023 has been an important year, marked by a highly focused approach to our business priorities, and a steadfast commitment to our Grass and Peanut allergy research & development programmes. We have navigated the challenges of last year, resulting in more streamlined operations and improved cost-effectiveness. This progress starts to pave the way towards a return to growth.’ Allergy Therapeutics also notes that its lenders have agreed that a further £15 million may be drawn from the existing £40 million amended loan facility from the second quarter of calendar 2024, with the first £7.5 million having already been drawn down. It says this extends its cash runway into the first quarter of its financial 2025. The lenders are major shareholders SkyGem Acquisition, which is an affiliate ZQ Capital Management, alongside Southern Fox Investments.
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AIM - LOSERS
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Infrastructure India PLC, down 80% at 0.10p, 12-month range 0.10p-1.27p. In the six months that ended September 30, the infrastructure fund investing directly into assets in India reports pretax loss narrowing to £31.5 million from £62.2 million a year earlier, largely driven by foreign exchange loss narrowing to £3.7 million from £40.8 million. Shares restarted trading on Wednesday after publishing its annual results for the financial year ended March 31 on Tuesday. During this period, pretax loss widened to £59.2 million from £48.4 million a year earlier. The company says: ‘The group has prepared the interim results on a basis other than going concern due to the uncertainty in relation to the timing of potential transactions, ultimate receipt of sale proceeds and the specifics of any deferred consideration. This basis was considered the most appropriate method for the reporting period.’
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