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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Abingdon Health PLC, up 16% at 5.78 pence, 12-month range 3.6p-16p. The developer and manufacturer of rapid diagnostics tests expects revenue to increase significantly in its second half, with annual revenue to improve from £2.8 million in financial 2022. Revenue for the six months to December comes in at £1.1 million, down from £1.7 million. Notes ‘strong revenue traction’ from a diverse range of customers. ‘The company has successfully transitioned its activities away from Covid-19 and is now operating as a fully integrated [contract development & manufacturing organisation] maintaining its full focus on lateral flow testing,’ the firm explains.
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Safestay PLC, up 21% at 24.15p, 12-month range 12.5p-24p. The hostel owner and operator says annual revenue in 2022 will come in ahead of market expectations at £19.0 million, up from £6.4 million in 2021. Adjusted earnings before interest, tax, depreciation and amortisation are expected to be in line with market expectations at £5.9 million, swinging from a £1.0 million loss. Says business is ‘returning to normal’ with guests being predominantly young travellers, as group bookings are seeing a slower recovery. Average bed rate increases to £23.70 from £19.70, which should be ‘sustainable’, firm says.
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AIM - LOSERS
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CAP-XX Ltd, down 14% at 2.53p, 12-month range 2.42p-6.0p. The maker of supercapacitors and energy management systems reports disappointing interim results. In the six months to December 31, as revenue plunges 36% to A$1.6 million from A$2.4 million the year before, and pretax loss widens to A$2.6 million from A$1.7 million. Product sales fell 40% from the previous year, but the firm says it does not believe it has lost any significant business to competitors. ‘We are disappointed by the large drop in product sales for the first half of this financial year however the board is confident the company will see a rebound in the second half of this financial year,’ says CEO Anthony Kongats.
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Block Energy PLC, down 13% at 0.91p, 12-month range 0.82p-2.39p. The Georgia-focused explorer and producer updates on drilling at WR-B01Za well in West Rustavi/Krtsanisi Field. Says the well was only drilled to 2,372 metres, which was shallower than planned, due to unstable wellbore conditions. This caused escalating tool failure and ‘lost-in-hole’ risk. Observes significant drilling fluid losses and gas and oil shows beyond the problem zone. This indicates a ‘potentially productive well’, but the well is constrained due to the failure of the wellbore.
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