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AIM round-up: Surface Transforms, Catenae Innovation, Kore Potash

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It’s been another sideways session for the AIM Index, finishing less than one point lower by the bell at 1035.95.

  • Surface Transforms  +35%
  • Catenae Innovation  +22%
  • Kore Potash  +19%
  • Mobile Tornado -32%
  • Pipehawk  -22%

Surface Transforms LON:SCE topped the board on Thursday, advancing 35% by the bell. This morning the company announced a new contract with an existing customer which would see it replace the existing £27m deal with a new one worth £100m between now at 2027. Despite the investment necessary to deliver against this deal, investors were quick to applaud the news.

Catenae Innovation LON:CTEA also had a good day, with some of yesterday’s losses off the back of that announced trading suspension being reversed. The spread does remain rather wide here, but by all accounts some saw this as either a speculative buy or some short covering. The suspension should be for less than a month and with Easter in the middle of April, a punt here may have merit but there’s always the risk the relisting won’t be that quick.

A notable mention for Kore Potash LON:KP2 which added 19% on the day. The fertiliser market has been in focus of late with peer Kropz having found support off that production news but amidst speculation that supply will remain constrained in the wake of Russian embargos for some time yet, this fundamental shift does seem to be lending support.

Mobile Tornado LON:MBT was the day’s biggest faller, off 32% by the close. There was news from the business this morning, but that was extending an existing loan agreement which has been in place since 2018. Trade was however lumpy and the £3m market cap stock closed on quite a wide spread. Not much to see here it seems.

Pipehawk London LON:PIP was the day’s second worst performer, closing down some 22%. A half year report was published this morning. Despite a 23% increase in revenues, headwinds from staff and material shortages did little to support the bottom line. The chairman does however note that the company is well positioned for future growth and given recent gains, today’s move could be seen as opportunistic profit taking rather than a wholesale reversal by shareholders.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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