(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Monday.
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AIM - WINNERS
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Saietta Group PLC, up 47% at 65.00 pence, 12-month range 19.69p-196.00p. The engineering company says it has received an order for 3,000 eDrive units from its existing US customer, AYRO Inc. AYRO is a US designer and manufacturer of urban delivery vehicles. Saietta expects the delivery of the eDrive systems to begin in the third quarter of 2023. Production is expected to take place in batches, with the final batch scheduled for delivery in fourth quarter of 2024. The order is expected to be worth over GBP5 million in revenue, Saietta says, underpinning a proportion of the company's existing revenue expectations for the financial year to March 31, 2024.
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AIM - LOSERS
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Tungsten West PLC, down 49% at 5.45p, 12-month range 3.26p-70.88p. The mining company says it is undertaking a restructuring exercise and interim fundraising. Tungsten explains that the move will help it focus on completing the Hemerdon tungsten and tin mine project. Tungsten says it plans to raise a minimum of GBP5 million and up to GBP7.0 million through a placing of convertible loan notes and up to a further GBP2 million via an open offer. "The proceeds of the fundraising will increase the company's cash balance and allow it to progress necessary project workstreams whilst it continues to work towards full project funding. However, due to the increased risk surrounding volatile energy prices and a more conservative lending approach, some tough decisions have had to be made in order to ensure deliverability," Chair David Cather says.
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D4t4 Solutions PLC, down 13% at 180.55p, 12-month range 162.00p-289.00p. The data management platform company says results for the financial year ended March 31 are expected to be lower than management expectations. D4t4 expects to report revenue of GBP21.5 million and adjusted pretax profit of GBP3.5 million. In financial year 2022, the company reported revenue of GBP24.5 million and adjusted pretax profit of GBP3.3 million. D4t4 explains that the lower expectations are as a result of delays in signing of a project with an existing banking customer. The company will publish its full year results on July 11.
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By Sophie Rose, Alliance News reporter
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Tungsten West (TUN)