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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Touchstone Exploration Inc, up 21% at 55.60 pence, 12-month range 40.20p-95.00p. The oil and gas exploration company rises, after publishing drilling results of the Cascadura-2 delineation well. The Cascadura-2 delineation well was drilled to a total depth of 7,132 feet. The Cascadura-2 well is currently being cased and production testing is scheduled to commence in the third quarter of 2024 directly into the Cascadura natural gas facility. ‘The encouraging Cascadura-2 delineation well drilling results represent a great start to 2024. Cascadura-2 has proved up the concept of highly productive sands extending significantly to the east of our initial Cascadura discovery. We estimate that the well was drilled for under $6 million on a gross basis, which further enhances the economics of this prolific hydrocarbon fairway. With this new data point we can design a multi year drilling program to fully develop the structure,’ says Chief Executive Paul Baay.
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AIM - LOSERS
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Hardide PLC, down 23% at 7.50p, 12-month range 6.02p-16.00p. The developer and provider of advanced surface coating technology says that in the financial year ended September 30 revenue rose 10% to £5.5 million from £5.0 million. Its pretax loss narrowed to £1.2 million from £2.3 million. Looking ahead, Hardide says it expects full-year revenue to be in line with financial 2023 results. ‘A slower than expected start to the year with a number of OEM customers de-stocking. This has more than offset ongoing growth in aerospace demand. The cost base has been re-aligned in mitigation,’ it explains. Also names Stephen Paul as interim CEO, effective from February 12. He will succeed Philip Kirkham, who is stepping down after over 11 years.
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Sanderson Design Group PLC, down 12% at 111.00p, 12-month range 95.31p-148p. Shares in the luxury interior furnishings company fall, following its trading update for the financial year ended January 31. It says sales fell 3.1% on-year to £108.5 million from £112.0 million. Underlying profits for the financial year are expected to be about £12 million down from £12.6 million. Looking ahead, Sanderson expects trading conditions to remain challenging in the UK and Europe.
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