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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Time Finance PLC, up 19% at 26.60 pence, 12-month range 0.20p - 27.00p. The Bath-based lender’s pretax profit in the nine months ended February 28 more than doubles. Pretax profit jumps to £3.0 million from £1.1 million, while revenue in the period climbs to £20.0 million from £15.6 million. Company’s own-book lending origination rises 34% year-on-year to £52.9 million from £39.5 million. Gross lending-book increases 26% to £157.2 million from £124.6 million. Says this positive momentum has continued, giving the company confidence that the full-year outcome will be ahead of market expectations, which it places at £25.7 million for revenue and £3.2 million for pretax profit. Says its own expectations are for full-year pretax profit to be no less than £3.6 million.
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Chariot Ltd, up 7.4% at 16.05 pence, 12-month range 9.15p - 26.86p. The Africa-focused transitional energy company completes the front-end engineering and design on the key components of its flagship Anchois gas development project, offshore Morocco. Chariot holds a 75% interest and operatorship in the gas field. Adds that engineering, procurement and construction commercial proposals have been requested, and other technical work is progressing. Chief Executive Adonis Pouroulis says: ‘The conclusion of the FEED stage, largely performed by the Subsea Integration Alliance, is an important step in defining the initial development plan to deliver gas to our anchor customers.’
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AIM - LOSERS
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Redx Pharma PLC, down 17% at 34.15 pence, 12-month range 26.50p - 79.84p. The clinical-stage biotechnology company announces top-line monotherapy data from the biliary tract cancer module of the RXC004 Porcupine 2 phase two clinical trial programme. Says the overall efficacy results not sufficient to support further development as a monotherapy in advanced biliary tract cancer patients. Chief Medical Officer Jane Robertson says: ‘While today’s results do not support further clinical development of RXC004 as monotherapy in recurrent BTC, where very few drugs have received regulatory approval as single agents in this hard-to-treat disease, they are nonetheless consistent with the overall hypothesis that RXC004 has potential as an active component of combination therapy.’
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musicMagpie PLC, down 8.0% at 34.50 pence, 12-month range 5.15p - 75.00p. The Stockport-based used technology reseller narrows its pretax loss in a ‘tough’ financial 2022 amid a ‘rapidly changing’ macroeconomic backdrop. In the year ended November 30, pretax loss narrows significantly to £1.5 million from £14.8 million the year prior. Revenue drops to £145.3 million from £145.6 million. Adjusted earnings before interest, tax, depreciation and amortisation drops 47% to £6.5 million from £12.2 million. Says that since the close of financial 2022, the company has had to navigate the challenges of postal strikes and a tougher consumer environment. Nonetheless, remains confident in its medium-term growth prospects.
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