(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.
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AIM - WINNERS
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Velocity Composites PLC, up 52% at 41 pence, 12-month range 13.65p-46.94p. The composite material kit supplier announces a five-year work package agreement with GKN Aerospace in the US, which it expects to be worth over USD100 million in revenue over five years. To support its expansion, Velocity will develop its first "advanced" manufacturing facility outside of the UK in the US state of Alabama. For the financial year that ended October 31, the firm estimates sales to be GBP11.9 million, compared to GBP9.8 million the year before. Its loss before interest, tax, depreciation and amortisation is expected to have remained unchanged at GBP500,000.
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Xpediator PLC, up 25% at 37.87p, 12-month range 18.3p-65p. The freight management firm says it has been approached by a consortium, including its former chief executive, Stephen Blyth, for a potential takeover offer. The consortium proposes a possible cash offer at 42p per Xpediator share, which is a 39% premium to its closing price on Monday of 38.84p. The consortium has support from the company's largest independent shareholders, who hold a 27% stake. "The Xpediator board has granted the consortium access to due diligence materials and the consortium's due diligence is well advanced," the firm says.
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AIM - LOSERS
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Empyrean Energy PLC, down 23% at 0.62p, 12-month range 0.58p-12p. In the half-year ended September 30, the oil firm's pretax loss widens to USD24.1 million from USD452,000 a year before. No revenue is recorded in either year. "It has been a challenging year for the company following the disappointing Jade well result but the company remains committed to working through these challenges," says Non-Executive Chair Patrick Cross.
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By Elizabeth Winter, Alliance News senior markets reporter
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Velocity Comp (VEL)
Empyrean (EME)