(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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Pathfinder Minerals PLC, up 21% at 0.55 pence, 12-month range 0.35p - 0.95p. The Mozambique-focused natural resources firm enters into a conditional agreement with Acumen Advisory Group LLC for the sale of IM Mineral Ltd, its wholly-owned subsidiary. With it, Pathfinder disposes of the rights to bring a claim against the government of Mozambique for the expropriation of mining concession 4623C. Completion of the disposal is conditional upon shareholder approval at Pathfinder's general meeting on April 26. Completion will result in a payment of GBP2 million from AAG to Pathfinder, a commitment by AGG to begin legal proceedings against the government of Mozambique, and a contingent payment of USD24 million, or 20% of the net recoveries from any settlement or determination of the claim against the Mozambique government.
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Evgen Pharma PLC, up 4.9% at 4.04 pence, 12-month range 2.83p - 7.80p. The clinical-stage drug development company announces top line pharmacokinetic data for its placebo-controlled, dose-escalating, randomised Phase I/Ib clinical trial. The study aimed to provide further insight into the pharmacokinetic and pharmacodynamic characteristics of the new enteric coated tablet formulation of the company's lead asset SFX-01, as well as investigating how sulforaphane released from the tablet engages with targets of interest. Says sulforaphane was released by the enteric coated tablet beyond the acid environment of the stomach as predicted, and the levels of sulforaphane and its active metabolites in blood increased predictably with increasing doses. Notes that the total levels of sulforaphane and active metabolites in blood were in the range previously seen to be effective in pre-clinical experiments and clinical studies in a range of target diseases including breast cancer and glioblastoma.
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AIM - LOSERS
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Anpario PLC, down 27% at 225.00 pence, 12-month range 225.00p - 611.50p. The animal feed additive manufacturer reports a drop in annual profit due to declining demand and higher costs. Pretax profit falls 35% to GBP3.7 million in 2022 from GBP5.7 million the year prior, as its gross margin worsens to 43% from 49%. Revenue edges down to GBP33.1 million from GBP33.4 million. Says the year suffered from supply chain disruption and "significant and immediate" raw material and logistics price inflation. Explains this also hurt many of the farmers that are customers of Anpario. Farmers experienced input cost pressures, notably feed and energy, cutting their profitability and in some cases viability, according to Anpario. "Some farmers, particularly across the UK and Europe, decided to forgo unprofitable production which is now leading to specific food shortages in the retail channels. With less animals being reared the demand for animal feed and therefore additives is inevitably lower and partly explains the group's disappointing performance across Europe," it says. Nonetheless, firm proposes an increased final dividend of 7.35 pence, up from 7.0p the year prior.
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Mpac Group PLC, down 13% at 243.55 pence, 12-month range 210.00p - 534.00p. The automation ecosystem maker says pretax profit plunges to GBP200,000 in 2022 from GBP8.2 million in 2021, as cost of sales rises to GBP73.3 million from GBP65.4 million, and distribution expenses widen to GBP8.1 million from GBP6.8 million. Revenue, meanwhile, rises to GBP97.7 million from GBP94.3 million. Chief Executive Tony Steels explains that the year was characterised by "increased macro-economic uncertainty and unprecedented volatility in the global supply chain" which lengthened the lead time of customers' order placement and caused operational challenges. This resulted in lower order intake, reduced operational efficiency, and extended project build time-frames. Mpac adds that rising energy costs, higher interest rates, skilled labour shortages, and semi-conductor supply constraints are expected to continue into 2023, which it says "sets the context" for customer investments and decision-making. Separately, the firm announces that Adam Holland, its chief operating officer, will succeed Tony Steels as chief executive. Steels retires from the company after being CEO for more than six years. Says there will be a handover period, with Steels formally stepping down on May 17.
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By Heather Rydings, Alliance News senior economics reporter
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Pathfinder Minerals (PFP)
Anpario (ANP)
Mpac Group Plc (MPAC)