The following stocks are the leading risers and fallers on AIM on Wednesday.
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AIM - WINNERS
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Fiinu PLC, up eightfold at 5.25 pence, 12-month range 0.425p-5.25p. The fintech company says it has entered non-binding heads of terms on the first white-label deal for its flagship Plugin Overdraft product with an unnamed UK bank, which Fiinu will provide with its Banking as a Service platform (incorporating Plugin Overdraft). Says the Bank Independent Overdraft platform will fully integrate into the bank’s treasury, regulatory reporting and accounting systems. Final product specifications must be confirmed before the parties enter any formal agreement. For now, they have agreed to a 12-month exclusivity period from the go-live date, with the client expected to launch the product in the fourth quarter. Fiinu adds that following the launch, it will receive royalty feeds from the bank’s audited profits using Plugin Overdraft. Says the deal ‘represents a key milestone in Fiinu’s growth strategy and is the culmination of nearly 12 months of discussions between the parties’.
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Frontier Developments PLC, up 25% at 231.25 pence, 12-month range 114p-309p. Reports £47.3 million in revenue for the half year ended November 30, down 0.8% from £47.7 million the year before. Swings however to £4.4 million pretax profit from a £33.1 million loss. Notes ‘actions taken in the preceding financial year to reduce costs and reshape the company’ which ‘delivered a turnaround in profitability’. Says research & development costs fell 66% to £16.3 million from £48.1 million, while sales & marketing costs decreased 40% to £5.0 million from £8.4 million. Reports strong sales across its portfolio including on Steam, with 22% of total revenue coming from its recently launched Planet Coaster 2 game. Frontier Developments ‘remains confident of delivering FY25 revenue and profitability in line with expectations following the strong performance achieved in the first seven months’.
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AIM - LOSERS
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Distil PLC, down 29% at 0.08p, 12-month range 0.08p-0.675p. Distil, which owns various drinks brands including RedLeg Spiced Rum and Blackwoods Gin & Vodka, issues a trading update for its third financial quarter ended December 31. Says revenue dropped 59% to £233,000 from £571,000 while volumes fell 56%. Gross margin has narrowed to 42% from 48%, and Distil cut advertising & promotional spending by 55% reflecting slower rates of sales. Executive Chair Don Goulding comments: ‘Market conditions continue to be tough across the spirits industry, particularly in the UK, and our business has suffered as part of this...Although we continue to maintain distribution within major customers, stock purchase phasing has shifted versus the prior year, in which we saw large orders in November and December filling pipelines through Spring. In comparison, this year those major customers have been more cautious, reducing stock cover by an additional 20%.’ He adds: ‘In response to these challenging market conditions, and in order to ensure we are putting our brands in the best position for growth, we will be moving our full UK distribution, including the on-trade, to long-term partners, Global Brands, who have been producing and successfully selling the RedLeg ready-to-drink can since 2019.’
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