(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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Drumz PLC, up 13% at 8.44 pence, 12-month range 4.61p-2,400p. The software sector investor rises as it confirms it will change its name to Acuity RM Group PLC from Thursday, after the completion of the reverse takeover of Acuity Risk Management Ltd in late April.
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AIM - LOSERS
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IOG PLC, down 42% at 3.89p, 12-month range 3.26p-41p. The UK-focused developer and producer of offshore gas reports a constrained maximum gas rate at the Blythe H2 well in the North Sea. IOG says the well has flowed at a maximum dry gas rate of 22.8 million standard cubic feet per day and 280 to 336 barrels of oil per day condensate. While it noted an improvement from the current H1 well rate of about 15.5 million cubic feet per day, it was still lower than the expected initial H2 gas rate range of 30 to 40 million. In addition, IOG notes its balance sheet is under pressure from the recent pull-back in natural gas prices. "We have initiated constructive discussions with an ad-hoc group of our largest bondholders around potential short and longer-term solutions," says CEO Rupert Newall. IOG is looking at how to address the maturity of the bond in September 2024.
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Mirriad Advertising PLC, down 18% at 3.12p, 12-month range 0.8p-21.1p. The in-content advertising company says pretax loss widens to GBP15.6 million in 2022 from GBP12.0 million in 2021. Revenue falls to GBP1.5 million from GBP2.0 million. Mirriad says this was due to the impact of Covid-19 on Chinese business and sustained lockdowns in China, while rising costs are partly due to greater headcount for its US team. Looking forward, Mirriad expects the market to improve in the second half of 2023, and the volume of trade to improve substantially by the end of the year.
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By Elizabeth Winter, Alliance News senior markets reporter
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Mirriad Advertising (MIRI)