(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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Invinity Energy Systems PLC, up 24% at 56.50 pence, 12-month range 19.64p - 104.50p. Sells a 1.5 megawatt hour VS3 flow battery system to Hyosung Heavy Industries for use by South Korea's national electricity utility, Korea Electric Power Corp. The batteries will be installed at KEPCO's Energy Valley R&D Centre in Naju City, South Korea. No financial details of the sale were disclosed, however, Invinity says an advance payment for the batteries delivered under this order is due in 2022. Delivery and commissioning of all seven VS3 systems is expected toward the end of the first half of 2023. Remaining revenue associated with the project is to be recognised in the second half of the same year.
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AIM - LOSERS
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Access Intelligence PLC, down 28% at 63.00 pence, 12-month range 63.00p - 155.00p. Says trading in its recently completed financial year was "robust", with revenue growth of 97%, though the software-as-a-service provider also warns of slower customer decision-making in North America. For the financial year that ended November 30, Access expects to report revenue of around GBP65.6 million, up from GBP33.3 million a year prior. It expects adjusted earnings before interest, tax, depreciation and amortisation to be GBP2.3 million, swung from a loss of GBP500,000 and ahead of consensus expectations. "Performance in Europe remains on track with improving annualised recurring revenue and margin, whilst the company's sales in North America have been challenged by a slowdown in decision making at the enterprise level," company says.
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Morses Club PLC, down 28% at 1.70 pence, 12-month range 1.50p - 63.00p. Issues practice statement letter in relation to scheme of arrangement due to on-going material uncertainty arising from its customer complaints situation. Proposes customer compensation fund of at least GBP20 million, which will be funded largely through the issue of equity in 2024. Chief Executive Gary Marshall says: "We continue to work on finalising the detail of a scheme, and the issuing of a PSL to scheme creditors is a significant step in progressing the scheme and removing the uncertainty of the company's ongoing redress claims liability. Without the certainty provided by a scheme, there continues to be material uncertainty that the company could continue as a going concern."
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By Heather Rydings, Alliance News senior economics reporter
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Invinity Energy (IES)