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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.
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AIM - WINNERS
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Longboat Energy PLC, more than doubled to 21.50 pence, 12-month range 8p-70.6p. The North Sea-focused oil explorer and producer announces a new agreement with Japan Petroleum Exploration Co for a significant investment into its Norwegian subsidiary, Longboat Energy Norge, in order to form a joint venture. The JV will be called Longboat Japex Norge, and will receive a cash investment of USD50 million for a 49.9% stake. Japan Petroleum also will provide the JV with a USD100 million acquisition financing facility. "Longboat is delighted to have found a strong and complementary strategic partner in Japex. Japex has been looking for the best way to enter Norway and identified Longboat as an excellent match to reach its strategic objective," says Longboat Chief Executive Helge Hammer.
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GENinCode PLC, up 15% at 16.68p, 12-month range 6.5p-26p. The biotechnology company says the UK National Health Service has earmarked a budget to accelerate LIPID inCode testing for the diagnosis and treatment of familial hypercholesterolemia to prevent cardiovascular disease. The firm expands its collaboration with the Academic Health Science Network for the North East and North Cumbria to use the test in primary care. "We are now extending implementation of LIPID inCode to other UK AHSN's marking a further NHS milestone for the roll-out and adoption of our leading polygenic test," says CEO Matthew Walls.
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Kromek Group PLC, up 9.8% at 7.25p, 12-month range 5.02p-14.4p. The detection technology supplier secures an initial USD1.4 million order for its CZT-based detector modules from a new original equipment manufacturer customer. Kromek says the contract, which is worth USD1.4 million, is signed with "an established player in the medical imaging sector in Asia." Delivery and revenue recognition will be in the current financial year, it says.
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AIM - LOSERS
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Made Tech Group PLC, down 24% at 20.49p, 12-month range 19.6p-42.3p. The provider of digital, data and technology services to the UK public sector updates on the financial year ending May 31, with revenue set to be lower than expected. It expects revenue to be around GBP40 million for the year, which would be up from GBP29.3 million. This is a result of several clients moving the start date of work packages, it explains, which had previously been scheduled for April and May, into the next financial year. Back in February, the firm had said it was on track to meet expectations for its financial year, amid positive third-quarter trading. "Whilst recent events are very disappointing, the group has a strong pipeline of new business opportunities, from both new and existing customers, for which it is very well positioned," says CEO Rory MacDonald.
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Plant Health Care PLC, down 19% at 9.45p, 12-month 8.5p-13.35p. The US-based agricultural biological products and technology solutions provider says pretax loss for 2022 widens to USD9.4 million from USD6.4 million the previous year, as administrative expenses climb 92% to USD8.3 million, and sales & marketing expenses jump 24% to USD4.6 million. Revenue increases by 40% to USD11.8 million in 2022 from USD8.4 million in 2021. Trading is currently in line with market expectations for the whole of 2023, despite "a slow start" to the US farming season.
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By Elizabeth Winter, Alliance News senior markets reporter
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