(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.
----------
AIM - WINNERS
----------
Real Good Food PLC, up 75% at 2.1 pence, 12-month range 0.75p-2.6p. Ahead of its annual general meeting, the Liverpool, England-based food manufacturer shares an upbeat trading update. Says trading well in seasonally busy third quarter in the run up to Christmas, and is seeing benefits from its recent "radical" reform programme. Revenue is up to GBP16.1 million in the six months to September from GBP15.9 million a year prior, despite volumes falling 10%. Loss before interest, tax, depreciation and amortisation is just GBP700,000 for the period, narrowed from GBP2.3 million a year prior. Now expects positive Ebitda of GBP1.0 million for all of financial year 2024, which would be a "significant turnaround" from the loss of GBP5.8 million in financial 2023. "We have made substantial progress since this time last year when the group was really struggling," recalls Executive Chair Mike Holt.
----------
AIM - LOSERS
----------
Velocys PLC, down 70% at 0.30p, 12-month range 0.24p-5.8p. The sustainable fuels technology company updates on financing progress. Says there will be no further extension to the convertible loan notes long stop date, and any investment is unlikely to be on the same terms as the previous CLNs. Currently has no binding arrangements for funding, which will be required before the end of the calendar year. Its discussions with strategic investors continue.
----------
Kore Potash PLC, down 29% at 0.39p, 12-month range 0.37p-0.9p. The London-based owner of the Kola and DX potash projects in the Republic of Congo raises USD2.5 million in a discounted placing of shares at 0.38p each with existing large shareholders. Will use funds to advance the delivery of an engineering, procurement & construction contract for the Kola project, and is exploring options to facilitate a broader shareholder base investing on similar terms across its three stock exchange listing. Additionally, announces the resignation of CEO Brad Sampson, who will leave at the end of next month to "pursue other business interests". Will not appoint replacement until receipt of financing proposal for construction of Kola project. Until then, Chair David Hathorn will take on the role of interim CEO.
----------
By Elizabeth Winter, Alliance News senior markets reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Kore Potash (KP2)