(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.
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AIM - WINNERS
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Touchstone Exploration Inc, up 21% at 55.60 pence, 12-month range 40.20p-95.00p. The oil and gas exploration company rises, after publishing drilling results of the Cascadura-2 delineation well. The Cascadura-2 delineation well was drilled to a total depth of 7,132 feet. The Cascadura-2 well is currently being cased and production testing is scheduled to commence in the third quarter of 2024 directly into the Cascadura natural gas facility. "The encouraging Cascadura-2 delineation well drilling results represent a great start to 2024. Cascadura-2 has proved up the concept of highly productive sands extending significantly to the east of our initial Cascadura discovery. We estimate that the well was drilled for under USD6 million on a gross basis, which further enhances the economics of this prolific hydrocarbon fairway. With this new data point we can design a multi year drilling program to fully develop the structure," says Chief Executive Paul Baay.
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AIM - LOSERS
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Hardide PLC, down 23% at 7.50p, 12-month range 6.02p-16.00p. The developer and provider of advanced surface coating technology says that in the financial year ended September 30 revenue rose 10% to GBP5.5 million from GBP5.0 million. Its pretax loss narrowed to GBP1.2 million from GBP2.3 million. Looking ahead, Hardide says it expects full-year revenue to be in line with financial 2023 results. "A slower than expected start to the year with a number of OEM customers de-stocking. This has more than offset ongoing growth in aerospace demand. The cost base has been re-aligned in mitigation," it explains. Also names Stephen Paul as interim CEO, effective from February 12. He will succeed Philip Kirkham, who is stepping down after over 11 years.
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Sanderson Design Group PLC, down 12% at 111.00p, 12-month range 95.31p-148p. Shares in the luxury interior furnishings company fall, following its trading update for the financial year ended January 31. It says sales fell 3.1% on-year to GBP108.5 million from GBP112.0 million. Underlying profits for the financial year are expected to be about GBP12 million down from GBP12.6 million. Looking ahead, Sanderson expects trading conditions to remain challenging in the UK and Europe.
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By Sophie Rose, Alliance News senior reporter
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Touchstone Exploration (TXP)
Hardide (HDD)
Sndrsn Dsn (SDG)