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AIM WINNERS & LOSERS: Team17 to beat expectations; IOG "disappointed"

Wed, 18th Jan 2023 11:09

(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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Jadestone Energy PLC, up 9.1% at 77.69 pence, 12-month range 5.00p - 110.00p. The Asia Pacific-focused oil and gas company reports that an independent review of its remediation plans and operational readiness for the Montara Venture floating production, storage and offloading unit has been completed and submitted to the National Offshore Petroleum Safety & Environmental Management Authority. Explains this is a major step towards restoring production at Montara. Adds that work required as part of the planned maintenance programme for 2023 is being carried out in parallel with the tank activities, and says production is therefore expected to recommence during February 2023. At the Stag Field, production is expected at 4,000 barrels of oil per day once planned overwork activity is completed.

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Team17 Group PLC, up 8.1% at 445.75 pence, 12-month range 335.00p - 810.00p.The video game and educational entertainment app publisher and developer reports strong trading in the second half of 2022, with multiple new first and third-party games released. Also notes extended games distribution to "wider platforms" and "strong support" across its portfolios with additional new content updates. As a result, expects full-year revenue and adjusted earnings before interest, tax, depreciation and amortisation to be significantly ahead of market expectations, which it does not specify.

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AIM - LOSERS

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IOG PLC, down 53% at 7.80 pence, 12-month range 7.10p - 46.00p. The North Sea-focused gas and infrastructure operator says that the clean-up phase for Southwark A2 has taken longer than planned following a hydraulic stimulation phase. Gas rates from A2, to-date, has also been lower than expected, with a maximum stabilised rate of 4.2 million standard cubic feet per day via coiled tubing, at a flowing wellhead pressure of 456 pounds per square inch. Chief Operating Officer Dougie Scott says the low gas rate and apparent formation water production at this stage of the A2 well clean-up is "unexpected and disappointing".

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Omega Diagnostics Group PLC, down 11% at 3.42 pence, 12-month range 2.12p - 16.97p. The medical diagnostics firm expects lower-than-expected revenue and significant back-end phasing of orders in financial 2023, but a stronger opening order book for financial 2024. Notes "several headwinds" impacting its ability to fulfil orders ahead of year-end on March 31. Says its current order book is GBP2.5 million, and further orders are expected, but says a number of orders will move into financial 2024. Full-year revenue from the Health & Nutrition business is now expected between GBP7.5 million to GBP8.0 million for the year ended March 31. This will result in loss before interest, tax, depreciation and amortisation from continuing operations of around GBP1.0 million, Omega explains.

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By Heather Rydings, Alliance News senior economics reporter

Comments and questions to newsroom@alliancenews.com

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AIM WINNERS & LOSERS: Team17 to beat expectations; IOG "disappointed"

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