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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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Great Western Mining Corp PLC, up 41% at 0.5 pence, 12-month range 0.03p-0.85p. The explorer and developer of gold, silver and copper targets in Nevada updates of its 50% owned process mill in Mineral County. Says mill site construction is complete, the all process plant is on site for gravity separation, with the generator is in place. The firm is now waiting on an environmental permit before the mill operations are commissioned and started up. "Western Milling has achieved its objective of completing construction of the process mill by the end of 2023, within 12 months of project start-up," says Chair Brian Hall. Western Milling is a 50-50 joint venture between the firm and local contractor Muletown Enterprizes LLC.
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Distil PLC, up 28% at 0.77p, 12-month range 0.28p-0.9p. The premium drinks manufacturer reports bumper sales in its third quarter to December 31. Revenue jumps 39% to GBP571,000 from GBP411,000 a year before. Over the nine months to December, sales are up 38% to GBP1.2 million from the same period a year before. "Despite the medium-term macro outlook continuing to be challenging as the overall spirits market remains soft due to increased pressures on consumer spending, we are encouraged by a positive quarter and the growth achieved year-to-date," says Chair Don Goulding. He adds the firm is confident of building on the growth in its final quarter.
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AIM - LOSERS
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Mercantile Ports & Logistics Ltd, down 40% at 1.58p, 12-month range 1.28p-9p. The developer, owner and operator of ports and logistics facilities in India reports short-term hit on trading volumes at Karanja facility due to the acquisition of a nearby port. Multiple customers elected to acquire coal from the new port, as importers sought to clear stockpiles, instead of importing through Karanja as expected. Company therefore now anticipates approximately GBP5.4 million in revenue for 2023, up from GBP4.9 million in 2022, but below expectations.
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Marks Electrical Group PLC, down 27% at 66.9p, 12-month range 65p-110p. The electrical retailer says revenue rose 22% year-on-year to GBP88.9 million in the nine months to December 31. However, its gross margin did not see the rise it had expected, due to "a challenging trading environment where consumers remain highly price conscious", despite controlling other costs. Consequently, it now expects revenue for the financial year ending in late March to be between GBP115 million to GBP118 million, which is at least 18% higher than GBP97.8 million in financial 2023. However, earnings before interest, tax, depreciation and amortisation are to be between GBP5 to GBP6 million, at least 21% lower than GBP7.5 million a year prior. "Whilst I am personally frustrated about our expected margin progression in the second half, I remain confident about our long-term growth prospects and continue to be impressed by our ability to deliver market share gains profitably, against a fiercely competitive backdrop, whilst maintaining the highest levels of customer service standards in the industry," says CEO Mark Smithson.
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By Elizabeth Winter, Alliance News deputy news editor
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