The following stocks are the leading risers and fallers on AIM in London on Thursday.
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AIM - WINNERS
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Atlantic Lithium Ltd, up 34% at 30.34 pence, 12-month range 25.00p - 68.00p. The Africa-focused lithium explorer and developer is restored to trading on AIM after a temporary suspension following a report regarding its partner, Piedmont Lithium Inc, by Blue Orca Capital. Calls the report by Blue Orca Capital ‘false and misleading’. Says it holds valid prospecting licences, with operating permits for all of its current activities, in accordance with the Ghanaian government and the Minerals Commission’s requirements. ‘Outrightly refutes’ the ‘allegations of impropriety’ made by the report. Says that the report is ‘clearly intended’ to benefit Blue Orca Capital, which, it says, in the report itself, discloses that it is short selling and stands to profit in the event that the stock price of Piedmont Lithium declines. Company is seeking legal advice.
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Billington Holdings PLC, up 6.1% at 371.50 pence, 12-month range 180.00p - 389.00p. The structural steel and construction safety specialist expects pretax profit for 2022 and 2023 to be ahead of market expectations thanks to continued strong trading. Does not specify what market expectations are for pretax profit. Also expects to declare a final dividend for 2022 ahead of expectations. Chief Executive Mark Smith says: ‘The recovery in activity we experienced in 2022 has continued into 2023. The benefit of efficiency enhancements implemented throughout the group, combined with a strong orderbook and a healthy pipeline of further opportunities, provides increased confidence in delivering an improved group financial performance.’
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AIM - LOSERS
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IQE PLC, down 29% at 33.10 pence, 12-month range 27.67p - 60.80p. The compound semiconductor wafer product supplier says expectations for 2022 remain in-line with the update provided on January 16. However, notes that it has seen an acceleration of the trends anticipated in that update, with weaker demanding leading to inventory build-up throughout the supply chain. Consequently, the reduction in customer orders and forecasts is expected to result in a year-on-year decline of £30 million in revenue for the first half of 2023. Adds that the market softness is expected to be temporary, with a return to growth expected in the second half of 2023.
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Jarvis Securities PLC, down 14% at 140.00 pence, 12-month range 91.20p - 265.00p. The company reports significant falls in both annual pretax profit and revenue. In 2022, pretax profit falls 20% to £6.1 million from £7.7 million the previous year. Revenue drops 12% to £12.6 million from £14.3 million. Declares a dividend of 11.5p per share, down sharply from 22.0p the year prior. Jarvis Securities is the parent of Jarvis Investment Management Ltd, providing retail and outsourced financial services. Chair Andrew Grant says: ‘I am confident that the business will emerge financially stronger and more resilient as a result of this year, and whilst we are currently experiencing a period of change the future of Jarvis is bright.’
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