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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Angle PLC, up 21% 13.87p, 120-month range pence, 12-month range 10.65p-75.25p. The medical diagnostics company says revenue in the first half trebles to £1.2 million from £419,000 a year before, as pretax loss widens to £10.6 million from £10.5 million. Says its pipeline for products and services businesses is building well, and momentum is expected to continue into the second half. Annual revenue is expected to be in line with market expectations. Also notes headline results for its major clinical studies are expected by the end of the year, and will demonstrate the key clinical applications of its liquid biopsy system Parasortix in patient care. Cash will be ahead of forecasts at the end of the year, thanks to careful control of costs and the deferral of some discretionary expenditure. This will extend the firm’s cash runway into the first quarter of 2025, without affecting revenue in the next 24 months, Angle says. The stock is down 80% over the past 12 months, however.
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Directa Plus PLC, up 20% at 52p, 12-month range 43p-108p. The graphene product maker’s environmental services subsidiary Sectar SA signs three-year contract to process oily mills sludge with Liberty Galati, the largest integrated steel producer in Romania. Contract is worth a total of €5.5 million, with potential for further expansion up to a total of €8.0 million. Setcar will provide solutions for the treatment of oily mills scale produced in the manufacturing of steel. Directa says the contract would enable Setcar to expand further its waste treatment and disposal services for industrial pollutants and broaden the range of applications for the group’s Grafysorber technology. CEO Giulio Cesareo says the contract is the largest to date and a ‘very exciting win’. It is equivalent to the firm’s entire turnover in 2020, he adds.
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AIM - LOSERS
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CVS Group PLC, down 27% at 1,524p, 12-month range 1,365p-2,226p. The veterinary services firm plunges as the UK competition regulator kicks off a probe into the vet sector. The Competition & Markets Authority is launching a review of the sector, looking at consumer experiences and vet business practices for household pets in the UK. It cites concerns that pet owners are not getting value for money, and the rising costs of pet care have risen faster than wider inflation. Pets at Home Group PLC shares are also down 9.5%, with the retailer also operating veterinary surgeries and practices. ‘The sell-off seen today could be an overreaction, although the CMA review looks to be wide-ranging. The problem for both businesses is the process is likely to be time-consuming and, with a further update not due until early 2024, it could weigh on both stocks for some time to come,’ says AJ Bell investment director Russ Mould.
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Polarean Imaging PLC, down 18% at 11.85p, 12-month range 10.41p-84.2p. The medical imaging technology developer withdraws its commercial targets, with its CEO of three months Christopher von Jako citing his experience that ‘early sales are often irregular and difficult to forecast’ during the commercialisation process. ‘While I am confident in the demand for our product and its ability to gain commercial traction, we feel it is sensible to withdraw the previously stated commercial targets at this time. We will, however, be providing renewed guidance at a suitable time,’ he says. In the first half of 2023, revenue drops to $142,384 from $834,087 a year before, as pretax loss widens to $7.4 million from $6.9 million.
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