The following stocks are the leading risers and fallers on AIM in London on Friday.
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AIM - WINNERS
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Nexus Infrastructure PLC, up 13% at 172.22p, 12-month range 120p-228p. The infrastructure services provider says it has agreed to dispose of TriConnex Ltd and eSmart Networks Ltd for £77.7 million in cash. Nexus says the sale to FWCP Spark UK Holdco Ltd, a wholly-owned indirect subsidiary of funds managed or advised by FitzWalter Capital. Around £65 million of the sale proceeds will be returned to shareholders in early 2023 via a tender offer. After the transaction, Tamdown will be its principal trading business. CEO Mike Morris and Chief Financial Officer Alan Martin will leave their roles and will be employed by the purchaser, with Charles Sweeney to become CEO, and Dawn Hillman to become CFO. A general meeting is set for January 16 to vote on the transaction.
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Invinity Energy Systems PLC, up 13% at 43p, 12-month range 19.64p-104.5p. The energy storage manufacturer says revenue in 2023 will be ‘significantly ahead’ of the firm’s previous expectations. This is due to 30 megawatt hours of new business announced in the fourth quarter, deferred revenue from certain projects, and a ‘significant’ number of sales opportunities which are ‘advancing positively towards close’.
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AIM - LOSERS
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Pantheon Resources PLC, down 42% at 48.1p, 12-month range 37p-153.2p. The oil company says its pretax loss widened to $16.0 million in the financial year that ended June 30 from $8.2 million the year before. Pantheon also notes the flow rate of the Alkaid 2 well remains restricted due to a blockage of sand, but what should be a ‘simple’ clean-up operation is planned for January. The AIM-listed company notes drilling and testing successes at Theta West and Talitha Wells during the period, and an upgraded resource estimate of 23 billion barrels of oil in place, and 2.3 billion barrels of recoverable resource. ‘I am extremely happy with the significant progress that Pantheon made since the commencement of the financial year as we transition from exploration to production,’ says Chief Executive Officer Jay Cheatham.
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Harland & Wolff Group PLC, down 24% at 15.51p, 12-month range 5.56p-29p. The infrastructure construction firm says material shortages have affected its ability to complete ‘certain key workstreams’ of the M55 regeneration programme contract, meaning around £20 million in revenue will be deferred into the first half of 2023. ‘The overall project is still on track and in line with the base redelivery schedule for the vessel,’ it notes. H&W also says it has mutually agreed with Saipem to terminate a wind turbine generator jacket contract. This is due to cost escalations, which the firm has not found a ‘mutually acceptable methodology’ to split with Saipem. ‘Management has determined that the capacity in Methil could be far better utilised on more economically viable projects, which are expected to come to fruition in H1 2023 onwards,’ it explains.
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