SRT Marine Systems plc I woke up to a rollercoaster trading session on Friday.
Shares in the on-board electronic systems group fell by more than 40 percent before recovering sharply in what was consequently something of a “cure egg” of a trading update.
Market makers initially downgraded the stock after SRT provided lower-than-expected full-year guidance.
The company announced that the project’s revenue milestones planned for the current financial period have been delayed, pushing the expected revenue into the next financial year.
These delays, resulting from lengthy customer contract finalization processes, will result in significantly lower revenues, leading SRT to a loss for the period.
Sailing: SRT Marine Systems manufactures onboard electronic systems for boats
However, the following paragraphs of the statement show that the group is pressing ahead with a flood of potential orders worth more than £400 million.
From the nadir of 40 per cent, shares shot into the green to the tune of 4.4 per cent, all in the space of 45 minutes.
No one ever said that market makers were not a reactionary group.
The AIM All-Share Index was down 1.5 per cent over the week, underperforming the FTSE 100’s 0.4 per cent fall.
It was a bad week for global stocks as a whole, with US and Asian markets also posting losses.
A sizable drop in oil prices didn’t help: A mid-week sell-off sent Brent crude tumbling to $77.64 a barrel, near four-month lows, weighing on energy-weighted capital markets. London.
Kibo Energy plc shares fell 50 percent following the announcement of a widespread corporate restructuring that includes a new board of directors, a capital fundraising and financial reengineering.
The £500,000 round of shares at 0.015p was probably the key factor at play (no surprise then that the stock sank to… 0.015p).
As part of the overhaul, Kibo will bring in microcap natural resources veteran James Parsons as a non-executive alongside shareholder Clive Roberts and City spinner Stefania Barbaglio, who will become Kibo’s new chair.
tasty girl was AIM’s biggest boost of the week after the operator of Dim T and Wildwood restaurants emerged from a court-sanctioned restructuring plan.
Announced on Tuesday, the plan will see Tasty shed 20 loss-making people from its 53 outlets. This, according to Tasty, will enable a “significant EBITDA improvement” of up to £2.1m between financial year 2023 and financial year 2025.
Shares of the downsized deal rose 64 percent.
From adjectives to adverbs, fully plc shares flew more than 30 percent. There was no immediately obvious catalyst for the rebound, although as a frontline NHS healthcare provider, the likelihood of a Labor election victory may be instilling optimism in the healthcare sector.
Insig AI added 37 per cent after the data solutions company announced an £813,000 capital round. A small sum, to be sure, but at a discount of only 2 percent, bought mainly by a completely new investor, a tidy one.
Jacamo Shares and SimplyBe Owner N Brown Group plc rose 40 percent after its final results showed a return to the black.
Statutory profit before tax amounted to £5.3m, a big drop from the previous year’s loss of £71.1m.
The retailer “maintained our transformation plans, despite the macroeconomic backdrop, while building resilience through our strong balance sheet and achieving adjusted EBITDA above market expectations,” CEO Steve Johnson said.
Actions in Strip Tinning Holdings plca maker of electric vehicle components, surged 46 per cent to 72p after winning a major high-volume contract from an unnamed US carmaker to make battery connectors for autonomous vehicles.
Mosman Oil & Gas Ltd He was one of the main drivers of the energy sector. The junior added 60 percent over the week after announcing a significant step toward building a global portfolio focused on helium.
Inspecs Group plc was one of the biggest fallers in the junior market, with shares falling 12 percent following a cautious statement on current trading conditions.
The group said it anticipates revenue and profits for the first half of the financial year “will be lower than the previous year, more in line with historical trading”.
Clontarf Energy plc However, he topped the list of AIM failures.
In an unfortunate turn of events in its Bolivian operations, state-owned Bolivian producer State Lithium Company (YLB) rejected Clontarf’s offer for seven priority salt flats in southern Bolivia.
Clontarf did not have the required credit rating, according to YLB. In fact, as an exploration company that does not issue bonds, Clontarf has no credit rating at all.
Clontarf identified a buying partner to pursue offers, but even this was rejected due to the partner’s BBB+ long-term credit rating. Shares plummeted 56 percent.
In the biotechnology sector, Faron Pharmaceuticals fell 47 per cent in a technical downgrade following the announcement of a €30.7m (£26m) funding round.
Proceeds from the latest funding round will fund ongoing work on its key asset, bexmarilimab, while negotiations continue to secure a licensing agreement for this highly promising cancer treatment.
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