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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.
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AIM - WINNERS
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Rurelec PLC, up 49% at 0.60 pence, 12-month range 0.2p-0.65p. The South America-focused power producer and developer of power plants announces an agreement to sell its Argentinian interests to Verafont SA, Basic Energy Ltd and Esteban Reynal for up to USD5 million. This includes Rurelec's interest in an income-producing 138 megawatt combined cycle powerplant known as Central Termica Patagonia, located in the coastal city of Comodoro Rivadavia. Expects to receive approval for the sale from shareholders, with its majority shareholder committed to supporting it. Completion is expected in June. Rurelec will pay shareholders a special dividend of 0.20p per share and will retain the remaining USD1.4 million as working capital for the next phase of its development. The potential disposal was announced back in January, when the firm had warned of a tight liquidity situation, due to a lack of cash from Argentina.
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boohoo Group PLC, up 12% at 42.94p, 12-month range 30p-92.28p. The online fast-fashion retailer boohoo says revenue fell 11% year-on-year to GBP1.77 billion from GBP1.98 billion, in the financial year to February 28. Swings to pretax loss of GBP90.7 million from a profit of GBP7.8 million. However, according to Shore Capital, the results beat consensus market expectations, and it raises the stock to 'buy' from 'hold'. In financial 2023, boohoo expects revenue to be flat or to fall by as much as 5% from the prior year. The decline will be steeper in the first half, as the company increases its emphasis on making profitable sales. However, revenue growth is expected in the second half.
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AIM - LOSERS
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Tower Resources PLC, down 53% at 0.05p, 12-month range 0.05p-0.33p. The Africa-focused oil and gas company falls as it raises funds in a placing of discounted shares. Raises GBP2.3 million in a conditional placing of 4.6 million shares at a price of 0.05p each - a 56% discount to Monday's closing price in London of 0.11p. Will use the funds for preparation of drilling of the NJOM-3 well, including associated services payments, and as working capital. "A portion of the funds raised will also be used to advance the company's other 2023 work programs in Namibia and South Africa, including the ongoing basin modelling work currently underway on the company's Namibian license PEL 96," Tower says.
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Shoe Zone PLC, down 14% at 207.28p, 12-month range 131.79p-260.68p. The budget footwear retailer reveals a lower profit in its interim results. In the 26 weeks to April 1, pretax profit halves to GBP1.5 million from GBP3.1 million, as revenue rises 7.9% to GBP75.4 million from GBP69.9 million. The firm cites inflationary cost increases - mainly National Living Wage increases - as eating into profit, driving up administration expenses. Gross profit is broadly in line with the prior year's level at GBP13.6 million. The shoe firm proposes an interim dividend of 2.5p per share, unchanged year-on-year. "Shoe Zone delivered a robust and positive performance in the period against a backdrop of consumer uncertainty and macroeconomic volatility," says CEO Anthony Smith.
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By Elizabeth Winter, Alliance News senior markets reporter
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