(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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Mulberry Group PLC, up 22% at 369.00 pence, 12-month range 199.00p-407.00p. The luxury fashion designer swung to a profit in the first half of its financial year, with trading returning to pre-Covid levels. "Sales in the UK recovered strongly once our stores re-opened. The sales lost from the absence of tourists in the UK and the rationalisation of stores in Europe were replaced by strong growth in Asia," the handbag maker explained. Pretax profit in the 26 weeks to September 25 improved to GBP10.2 million versus a GBP2.4 million loss a year before, as revenue surged 34% to GBP65.7 million from GBP48.9 million. Mulberry noted its retail revenue in the eight weeks to November 20 increased 35% compared to the same period last year.
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Pembridge Resources PLC, up 14% at 7.40 pence, 12-month range 4.35p-9.75p. The London-based investor in Minto Explorations Ltd says its investee has completed the reverse take-over of 1246778 BC Ltd to form Minto Metals Corp. Minto will start trading in Toronto on November 29. Pembridge holds 11.2% stake in new Minto venture, which is valued at CAD20.1 million, about GBP12.3 million, following Minto's CAD187.1 million equity raise. Pembridge Chief Executive Gati Al-Jebouri says: "We are proud to have been part of re-starting the Minto mine and this new structure is what the mine needs to continue its development. When the Minto Metals shares are traded on TSXV, we hope that the market will recognise the value of Pembridge's holding"
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AIM - LOSERS
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IQE PLC, down 19% at 40.73 pence, 12-month range 43.70p-88.30p. The Cardiff, Wales-based semiconductor company drops to 12-month low as trading update shows sales and profits will undershoot management's prior forecasts by 8% and 17%, adjusting for currency movement. Now expects full year reported revenues to be in the region of GBP152 million, with adjusted earnings before interest, taxes, depreciation, and amortization about GBP18 million. Interim Chief Executive Phil Smith says: "Whilst it is disappointing that 5G infrastructure deployments have remained weak all year, we still expect this macro trend to provide a multi-year growth cycle for IQE. In the immediate term, broader semiconductor market shortages have softened demand in some supply chains but we believe these effects to be temporary and remain excited by the opportunities ahead."
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By Paul McGowan; paulmcgowan@alliancenews.com
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IQE (IQE)
Mulberry Group (MUL)