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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Crossword Cybersecurity PLC, up 70% at 6.95 pence, 12-month range 3.75p-9.74p. The firm signs a three-year exclusive partnership to jointly market Rizikon, Crossword’s supply-chain cyber platform. The pact is with the UK subsidiary of a ‘global aerospace, defence and security company’, which it didn’t name. Incoming Crossword Security Chief Executive Stuart Jubb calls it a potentially ‘transformational’ partnership for Crossword ‘with a global scale, innovative defence and security partner with an outstanding reputation’.
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Longboat Energy PLC, up 41% at 16.90 pence, 12-month range 6.00p-33.90p. Shares in the oil and gas exploration company extend gains after jumping 66% on Monday. Longboat on Monday announced a deal to sell its just over 50% stake in Longboat Japex Norge AS in Norway to joint-venture partner Japan Petroleum Exploration Co Ltd. Longboat said it had made the decision to exit Norway and to focus on building a full-cycle E&P business in southeast Asia after a detailed review.
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AIM - LOSERS
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Surface Transforms PLC, down 17% at 1.70p, 12-month range 0.85p-37.17p. The maker of carbon fibre reinforced ceramic brake discs says the audit of its 2023 results is ‘ongoing’ and will be published in late-June. It notes the impairments of carrying values of some intangible and tangible assets, as well as revenue recognition have ‘extended audit timeline’. ‘Following discussions with the company’s auditors, the board has re-assessed its revenue recognition policy relating to revenue generated from engineering, testing and tooling services performed, together ’development revenues’. This will now result in development revenues being recognised upon completion of system integration by the OEM or when control is passed over for the contracted services as opposed to in line with work performed and percentage completed under the current policy.’ Surface Transform says this change is expected to mean £2.0 million worth of revenue in 2023 and prior years will be moved to future periods.
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