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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.
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AIM - WINNERS
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Engage XR Holdings PLC, up 29% at 4.20 pence, 12-month range 3.02p-16.00p. The metaverse technology company reports its trading in the first quarter of 2023 has been in-line with its expectations, noting "strong" revenue growth in the period of 40% against the prior year. Also says period saw "good growth" in Engage XR's pipeline of opportunities. Chief Executive David Whelan says: "After a strong 2022 in terms of revenue growth, we are delighted that this has continued into the current financial year, where we have had an excellent start to 2023. Engage Link is attracting huge interest, and the Fatboy Slim concert was both well reviewed and acted as an incredible demonstration of what can be achieved in Engage Link. We are adding more functionality all the time and have already developed and demonstrated the integration of artificial intelligence into the platform working with Chat GPT and other Open AI protocols. We expect to have AI client offerings later this year, which will completely transform how users communicate, interact and build within the metaverse."
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Cornerstone FS PLC, up 10% at 6.88 pence, 12-month range 5.30p-27.70p. The foreign exchange and payments firm completes the sale of its non-core subsidiary, Avila House Ltd, to Aspire Commerce Ltd for GBP300,000 in cash. Company also confirms that it began generating revenue under its 12-month software licencing agreement with Aspire in January. Chief Executive James Hickman says: "We are pleased to have completed this sale and to realise value from the disposal of a subsidiary that could no longer contribute to our business. This deal is particularly strong as we are also generating revenue from licencing our platform to the buyer. The proceeds will be used to bolster our existing cash resources as we continue to drive our business forward."
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AIM - LOSERS
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Mobile Tornado Group PLC, down 18% at 1.56 pence, 12-month range 0.66p-2.75p. The resource management solutions provider's pretax loss widens amid lower revenue in 2022. Pretax loss widens to GBP1.4 million from GBP861,000 in 2021, while revenue drops 12% to GBP2.3 million from GBP2.6 million year-on-year. Company says it is confident it will see a material uplift in financial performance as it pushes towards profitability in 2023. Does not recommend a dividend, unchanged from the year prior. "We have delivered a year of steady progress, managing the exit of one of our biggest customers and maintaining and securing modest growth across the balance of the customer base," the company says.
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Tower Resources PLC, down 12% at 0.12 pence, 12-month range 0.12p-0.37p. The Africa-focused oil and gas company provides an update on the activities of its Thali production sharing contract in the Rio Del Rey sedimentary basin, offshore Cameroon. Says it has applied for a one-year extension of the initial exploration period of the production sharing contract. Says discussions continue with rig owners and operators, with the aim to secure rig availability in the third and fourth quarter of this year to drill at NJOM-3. Discussion for a USD7 million term loan is ongoing. Also is discussing asset-level financing with "several parties". Chair & Chief Executive Jeremy Asher says: "We are very pleased with the progress that we are making on the Thali PSC and the NJOM-3 well, and we believe that we are close to having a final schedule for this well, which will be transformational for the company."
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By Heather Rydings, Alliance News senior economics reporter
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