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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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Quadrise PLC, up 27% at 1.50 pence, 12-month range 0.66p-2.75p. The residual oil technology company announces the successful completion of industrial demonstration tests of its MSAR and bioMSAR fuels at its client's site in Morocco. It says emissions from the combustion of the fuels were "very low, and well within environmental limits for the site". It was the first demonstration of bioMSAR for an industrial application. The company and its client will enter talks about long-term commercial supply, as well as further testing a client's other sites. "We're delighted to have finally completed this commercial-scale trial in Morocco, which has demonstrated the stability and performance of both MSAR and bioMSAR in one of the client's major facilities," says CEO Jason Miles.
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AIM - LOSERS
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Plant Health Care PLC, down 34% at 3.81p, 12-month range 3.41p-12.15p. The maker of biological products for agriculture warns it expects revenue in 2023 to make little progress from the prior year's USD11.8 million. The challenging market conditions highlighted in the firm's interim results have continued to deteriorate, particularly in the US. Global markets such as Brazil, Europe and some Asian markets have been "subdued". "Sales orders in the US have not materialised as originally anticipated as the company's distribution partners in the region have gone through a significant inventory correction. This has, in large part, been driven by volatility in demand and price following the global Covid-19 pandemic, as well as the effects of an increasing interest rate environment and change in growers purchasing habits," it says. It also warns that regulatory delays in India will push back some product launches, which will likely weigh on its performance in 2024. The company remains confident order intake will rise once customers have corrected inventory levels.
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Pebble Group PLC, down 31% at 60p, 12-month range 55p-120p. The technology and services provider to the promotional products industry guides for weaker annual revenue and earnings in 2023, due to lower-than-anticipated order intake at Brand Addition. Says revenue is expected to be around GBP124 million, falling from GBP134.0 million in the prior year. Earnings before interest, tax, depreciation and amortisation will be around GBP16 million, down from GBP18.0 million, but with margins at a similar level. "Both of our businesses remain strong financially, are well differentiated within their respective markets and have a clear strategic plan. Our balance sheet is robust and we look forward to returning the group to growth in 2024," it says.
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By Elizabeth Winter, Alliance News deputy news editor
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