The following stocks are the leading risers and fallers on AIM on Tuesday.
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AIM - WINNERS
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Ethernity Networks Ltd, up 13% at 0.35 pence, 12-month range 0.20p-4.70p. The supplier of data processing semiconductor technology for networking appliances says the US government approves the firm as a supplier for an aerospace project. It follows ‘an unforeseen delay in the US government approval process’. A $1.1 million licensing deal with a ‘tier-1 US aerospace vendor’ will see Ethernity provide silicon-tuned software. ‘We are now happy to update that the project has been granted US government approval, and will shortly move to the implementation phase, triggering immediate payment in respect of the milestones that have already been delivered by the company, representing 40% of the contract value,’ Ethernity says.
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Gamma Communications PLC, up 6.9% at 1,606.00p, 12-month range 980.10p-1,662.00p. The stock hits the 12-month high on Tuesday. The provider of communication services in UK, German, Spanish and Dutch business markets reports improved half-year results. Pretax profit rises 11% to £48.5 million in the first half of 2024, from £43.5 million a year ago. Revenue is up 10% at £282.5 million from £256.2 million. Looking ahead, Chief Financial Officer Bill Castell says: ‘Following a strong first half performance, growth is expected to continue across the second half and adjusted earnings before interest, tax, depreciation and amortisation is now anticipated to be in the top half and adjusted earnings per share at the top of the range of market expectations.’ The company explains that its compiled consensus range of sell side analyst estimates is 2024 adjusted Ebitda of £120.9 million to £127.4 million.
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AIM - LOSERS
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IQE PLC, down 14% at 20.38p, 12-month range 12.27p-37.00p. The supplier of compound semiconductor wafer products reports improved revenue and a narrower half-year loss, though it offers downbeat annual guidance. Revenue in the first half of 2024 rises 27% to £66.0 million from £52.0 million. Its pretax loss narrows to £15.1 million from £21.3 million. ‘IQE delivered an improved performance in H1 and year-on-year growth is expected in both revenue and adjusted Ebitda for FY 2024. With some markets remaining in recovery in H2 2024, performance is expected to be at the lower end of the range of analyst forecasts for the full year,’ it cautions. It puts the analyst range of revenue expectations at £130.0 million to £153.7 million.
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