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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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eEnergy Group PLC, up 40% at 5.61 pence, 12-month range 2.50p-7.80p. The net-zero energy services receives a "strategic investment" from partner Luceco PLC. Lighting manufacturer and distributor Luceco will invest GBP1.8 million in eEnergy. It will subscribe for 35.1 million eEnergy shares at 5 pence each, a 25% premium to the firm's closing price on Tuesday. It will mean Luceco has a 9.1% stake in the AIM listing. Luceco shares rose 2.8%.
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Europa Oil & Gas Holdings PLC, up 4.9% at 1.28 pence, 12-month range 0.95p-1.78p. Europa notes the W1 well at the onshore UK Wressle oilfield has resumed production. "The jet pump and the associated surface equipment is operating as expected and since production resumed the W1 well has produced at gross rates of over 950 barrels of oil per day, compared to approximately 750 bopd prior to the jet pump," Europa adds. It has a 30% economic interest in the asset
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Time Out Group PLC, up 4.3% at 48.50 pence, 12-month range 32.00p-51.00p. It says annual revenue increases and the media and hospitality set out a confident outlook, despite noting "challenging macroeconomic conditions". Net revenue in the year ended June 30 grows 37% to GBP76.0 million from GBP55.4 million. Net revenue excludes concessionaires' share. Time Out's pretax loss widened to GBP25.0 million from GBP19.5 million. Administrative expenses were 35% higher at GBP79.4 million from GBP58.7 million. Time Out said: "In contrast to most media and hospitality businesses, Time Out Group now has multiple avenues for sustained growth and is building a valuable long term recurring earnings stream. Despite macroeconomic headwinds, we have increased confidence in future growth and further traction as we continue to deliver against our ambitious plans, with Q1 FY24 performance in line with management expectations."
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AIM - LOSERS
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Tern PLC, down 15% at 4.05p, 12-month range 3.22p-12.50p. Tern opts against investing further in its portfolio company InVMA Ltd, which trades as Konektio as the investee's performance falls short of expectations. "Tern does not, at this time, envisage providing any more funding to Konektio and the company will look to realise value from its remaining holding in Konektio in due course," Tern says.
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By Eric Cunha, Alliance News news editor
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