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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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Union Jack Oil PLC, up 7.5% at 21.50 pence, 12-month range 18.58-37.00p. The UK-focused onshore hydrocarbon production, development and exploration company says that the UK Environment Agency has issued a variation of the West Newton B wellsite, allowing for the use of oil-based fluids within the Permian formations during drilling and testing operations. Says that studies have shown that the use of oil-based drilling fluids will be a "key factor" in enhancing flow rates in the field. Plans for a proposed horizontal well from the West Newton B site are underway and the start of operations is targeted for the first half of 2024. Union Jack holds a 16.7% interest in West Newton.
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Xeros Technology Group PLC, up 6.4% at 2.71 pence, 12-month range 2.30-24.53p. The creator of technologies that reduce the impact of clothing on the planet narrows its interim loss and more than doubles its revenue. Pretax loss reduces to GBP2.7 million from GBP4.2 million the year prior. Revenue jumps to GBP113,000 from GBP40,000. Loss narrows as the company's administrative expenses drop to GBP2.8 million from GBP4.2 million. "Increasing climate awareness and conducive legislation is creating a groundswell of opportunity for Xeros' technologies. During the period, the Group has signed three significant licensing agreements taking our total to eight across all technology platforms, as well as widening its product portfolio within filtration," says Chief Executive Neil Austin.
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AIM - LOSERS
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Tasty PLC, down 31% at 1.62 pence, 12-month range 1.52-4.00p. The restaurant owner and operator reports a widened loss in the half-year ended June 25 amid higher operating expenses. Pretax loss widens to GBP6.2 million in the 26 weeks to June 25 from GBP2.7 million the year prior. Operating expenses jump to GBP5.2 million from GBP2.8 million. Cost of sales rise to GBP21.8 million from GBP20.4 million. Revenue ticks up to GBP21.7 million from GBP21.5 million. Notes its revenue performance in the first quarter of its financial year was ahead of expectations but said its second-quarter performance slowed and was flat against 2022. Says that the casual dining market continues to face inflationary pressures on food, labour and utility costs. "We continue to navigate through challenging times and although this is expected to continue through [the second half of] 2023 we are continuing to adapt the business to mitigate the cost increases and reduced trading performance," the company says.
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Panthera Resources PLC, down 20% at 9.00 pence, 12-month range 3.25-11.80p. The West Africa and India-focused gold explorer and developer says that the High Court of Rajasthan in India has dismissed Metal Mining India Pte Ltd's writ petition. Consequently, company's subsidiary, Indo Gold Pty Ltd, will now focus on pursuing its claim against India for breaches of its obligations under the Australia-India bilateral investment treaty. The claims relate to the Bhukia project and a rejected prospecting licence application at the project. Company says the application was reject on "various spurious and legally untenable grounds." Says that under the Australia-India treaty, its subsidiary is entitled to "fair and equitable compensation", not just reimbursement of expenditures.
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By Heather Rydings, Alliance News senior economics reporter
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