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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Arbuthnot Banking Group PLC, up 19% at 1,130 pence, 12-month range 625p-1,090p. The London-based bank announces strong interim results, with pretax profit multiplying to £26.4 million from £3.4 million a year before. Net interest income rises to £68.4 million from £42.5 million, while net fee & commission income rises to £11.2 million from £10.0 million. Lifts interim dividends to 19p, up from 17p a year prior. ‘The continued stubbornness of inflation has led to increased interest rate rises which has had a positive effect on the profitability of the group,’ it explains. Notes uncertain outlook for the economy, and remains ‘alert’ to potential increases in credit risk that could follow an economic downturn.
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NIOX Group PLC, up 9.8% at 70.26p, 12-month range 33p-73p. The Oxford-based developer of medical devices for asthma diagnosis and management says revenue in the first half rises 22% year-on-year to around £18.8 million from £15.5 million. A 29% rise in Clinical revenue more than offset a 16% decline in Research revenue, it explains. Adjusted earnings before interest, tax, depreciation and amortisation almost double to £6.2 million from £3.2 million, thanks to the higher revenue and improved gross margins. Expects to release its interim results on September 26.
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AIM - LOSERS
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Pelatro PLC, down 46% at 4.30p, 12-month range 4p-24.82p. The London-based marketing software says a key customer, which owes $550,000, will no longer meet a previously agreed payment deadline expected this month. The delay in payment prompted the London-based marketing software provider to undertake a wider review of its outstanding receivables, alongside its usual half-year procedures. Following the review, Pelatro confirms it is experiencing ‘unusual delays’ regarding receivables from four customers, worth an aggregate $1.1 million of a $4.2 million in receivables. Pelatro says it is in ‘active and constructive discussions’ with the four customers and expects a ‘positive’ resolution. Based on current assumptions and management forecasts, the company said it will require additional external funding in the final quarter, and is exploring financing and funding options ‘should this be necessary’.
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United Oil & Gas PLC, down 26% at 1.32p, 12-month range 0.9p-2.9p. The oil company expects revenue in the first half to fall year-on-year to $6.4 million from $9.8 million. This is due to the average realised oil price per barrel from Egypt falling to around $78 from $105. Warns it has encountered ‘significant’ additional foreign exchange costs, due to the ‘increasing difficulty’ and forex costs of repatriating funds from its Egyptian operations. ‘We are cognisant of the short term challenges in Egypt and with this in mind are delighted to continue drilling in the second half, initially targeting one exploration and one appraisal well in this highly prospective licence,’ says CEO Brian Larkin.
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