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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Wednesday.
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AIM - WINNERS
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Time Finance PLC, up 19% at 26.60 pence, 12-month range 0.20p - 27.00p. The Bath-based lender's pretax profit in the nine months ended February 28 more than doubles. Pretax profit jumps to GBP3.0 million from GBP1.1 million, while revenue in the period climbs to GBP20.0 million from GBP15.6 million. Company's own-book lending origination rises 34% year-on-year to GBP52.9 million from GBP39.5 million. Gross lending-book increases 26% to GBP157.2 million from GBP124.6 million. Says this positive momentum has continued, giving the company confidence that the full-year outcome will be ahead of market expectations, which it places at GBP25.7 million for revenue and GBP3.2 million for pretax profit. Says its own expectations are for full-year pretax profit to be no less than GBP3.6 million.
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Chariot Ltd, up 7.4% at 16.05 pence, 12-month range 9.15p - 26.86p. The Africa-focused transitional energy company completes the front-end engineering and design on the key components of its flagship Anchois gas development project, offshore Morocco. Chariot holds a 75% interest and operatorship in the gas field. Adds that engineering, procurement and construction commercial proposals have been requested, and other technical work is progressing. Chief Executive Adonis Pouroulis says: "The conclusion of the FEED stage, largely performed by the Subsea Integration Alliance, is an important step in defining the initial development plan to deliver gas to our anchor customers."
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AIM - LOSERS
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Redx Pharma PLC, down 17% at 34.15 pence, 12-month range 26.50p - 79.84p. The clinical-stage biotechnology company announces top-line monotherapy data from the biliary tract cancer module of the RXC004 Porcupine 2 phase two clinical trial programme. Says the overall efficacy results not sufficient to support further development as a monotherapy in advanced biliary tract cancer patients. Chief Medical Officer Jane Robertson says: "While today's results do not support further clinical development of RXC004 as monotherapy in recurrent BTC, where very few drugs have received regulatory approval as single agents in this hard-to-treat disease, they are nonetheless consistent with the overall hypothesis that RXC004 has potential as an active component of combination therapy."
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musicMagpie PLC, down 8.0% at 34.50 pence, 12-month range 5.15p - 75.00p. The Stockport-based used technology reseller narrows its pretax loss in a "tough" financial 2022 amid a "rapidly changing" macroeconomic backdrop. In the year ended November 30, pretax loss narrows significantly to GBP1.5 million from GBP14.8 million the year prior. Revenue drops to GBP145.3 million from GBP145.6 million. Adjusted earnings before interest, tax, depreciation and amortisation drops 47% to GBP6.5 million from GBP12.2 million. Says that since the close of financial 2022, the company has had to navigate the challenges of postal strikes and a tougher consumer environment. Nonetheless, remains confident in its medium-term growth prospects.
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By Heather Rydings, Alliance News senior economics reporter
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