AIM round-up: Abingdon Health, Providence Resources, IG Design

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London’s AIM Index managed to post modest gains during Tuesday’s session, advancing a further six and a half points to trade at 910.10 by 3.30pm.

Abingdon Health +37%
Providence Resources +36%
IG Design Group +19%
Jangada Mines -26%
TP Group -21%

Abingdon Health [LON:ABDX] topped the board today, up 37% off the back of news that it had reached a settlement with the government over the unpaid contract for COVID tests. Once received, monies will be used for working capital and to fund various growth initiatives.

Providence Resources [LON:PVR] added 36% although trade was limited and this was reflected in the wide spread. Notably yesterday saw a significant uptick in trades yesterday after it was revealed that Vevan Unlimited had broadly doubled its stake, but the reaction to that was distinctly muted.

IG Design [LON:IGR] gets the notable mention after well received full year results saw shares advance 19%. The order book for the current financial year is already 71% complete and although more challenging times lie ahead, there’s clearly confidence in the outlook. Adjustments to remuneration schemes to better align employee and shareholder interests are also noted.

Jangada Mines [LON:JAN] was the day’s worst performer, off 26% at the close. Full year results this morning covering the period to December 31st. Selling interest in the stock was certainly elevated as a result, sending shares down to levels not seen since October 2020.

TP Group [LON:TPG] slipped 21% by 3.30pm, having advised the market of a delay to publication of audited results. Unaudited figures show revenues up but gross profits down and the operating loss advancing from £3.3m to £6.9m. The current year is progressing in line with management expectations and ahead of last year, but one division – TPG Maritime – is struggling following a slow start.

Related
Abingdon Health confirms settlement with UK Department of Health (29 Jun 2022)
AIM round-up: Abingdon Health, Powerhouse Energy, Corcel (17 May 2022)
AIM round-up: Abingdon Health, Uru Metals and Staffline (14 Mar 2022)

This article is not investment advice. Investors should do their own research or consult a professional advisor.

Tony Cross

Tony Cross is a market commentator with over 15 years of experience, producing compelling, insightful copy for journalists and investors alike. Focusing on macroeconomics, UK blue chip equities and inter market analysis, Cross's commentary is well regarded for its clarity and ability to cut through the waffle. He has been quoted in publications as diverse as The Financial Times, The Times, The Guardian and The Sun. He has also been a regular guest on both Share Radio and TipTV.

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