Despite the AIM Market being impacted by two fairly lengthy outages this morning, the all share index still managed to make some incremental gains on the day but finished less than one point higher at 715.66.
- Genedrive +53%
- Simec Atlantis Energy +26%
- Intercede +24%
- Tinybuild -49%
- Helium One -31%
Genedrive LON:GDR was the best performer, adding 53%. The company announced yesterday that its technology had been adopted by a second NHS Trust for antibiotic induced hearing loss. However given the extended downside pressures seen by the stock during 2023, these gains still leave prices well below the levels from earlier in the year.
Simec Atlantis Energy LON:SAE was the second biggest riser, up 26% on the day. Those gains were squeezed into the last few minutes of trade following news of a land sale, further business updates and a proposal to extend some debt funding.
Intercede LON:IGP gets the notable mention, up 24% on the day. The company announced a major US contract win this morning, worth in aggregate more than $8m. It’s the largest single order ever won by the group and a significant number of the licenses being purchased will be booked in FY24, pushing forecast revenues significantly ahead of market expectations.
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Tinybuild LON:TBLD was left propping up the board, off some 49% at the bell. The company announced a trading update this morning, highlighting that a weak Q4 meant full year revenues were set to come in at the bottom end of expectations. With just $5.7m of cash on hand, management are exploring options to strengthen the balance sheet, although any new issue of equity would lead to a degree of dilution.
Helium One LON:HE1 was in second to last place, trading down some 31%. A corporate update out this morning included a number of points but most critical was the need for further funding for the Itumbula well. Whilst a swift spudding is expected here, the dilution risk is again weighing on investor sentiment.
