We’re running significantly early today owing to some scheduling issues but some constituents of the AIM Market have had an active first few hours trade and the underlying index is sitting two points higher by 11am at 714.28.
- Ethernity Networks +194%
- Velocys +25%
- Empire Metals +25%
- Verditek -40%
- LifeSafe Holdings -40%
Ethernity Networks LON:ENET added 194% to top the board, in the wake of news that it had won a significant contract worth $800,000, all of which will be paid in Q4 FY23. More than half of that will count towards revenues this year, with the remainder being booked in FY24. Total cash collection for FY23 is now expected to be up to $4.7m.
Velocys LON:VLS added 25% by mid-morning. There’s no news but management have reiterated the need to find additional funding to maintain the business. Today’s gains also take the stock close to an indicative bid level that has already been declared.
- AIM Market Roundup: Strategic Minerals, Galileo Resources, Light Science
- Small Cap Stocks: Valirx, EnergyPathways, Merit Group
- Small Cap Stocks: Orosur Mining, Ethernity Networks, Coro Energy
Empire Metals LON:EEE was 25% ahead at copy time. That comes in the wake of the miner reporting its highest grade of drilling results to date from the Pitfield project in Western Australia.
Verditek LON:VDTK was 44% lower off the back of a financing update and interim results. Order intake is up against the comparative and although post tax losses are growing, management struck an optimistic tone. However by 9am a financing update had been published, detailing the need to gain fresh cash quickly.
LifeSafe LON:LIFS was 40% lower again off the back of a trading update. That noted significant growth in sales, largely from digital channels, but that has come with an accompanying marketing cost. As a result the company now doesn’t expect to gain monthly EBITDA profitability in Q4 as had been hoped. Cost reduction plans are in play but investors are likely perturbed as to why the digital sales costs ended up running out of hand.
