26th Jun 2024 10:33
(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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Gelion PLC, up 53% at 28.40 pence, 12-month range 14.00p-33.00p. The battery technology firm pens a joint development agreement with Glencore PLC, aiming to "accelerate the commercialisation of Gelion's next generation battery technologies". Gelion will use Glencore's "expertise in battery materials and recycling". Gelion Chief Executive Officer John Wood says: "We are delighted to sign a JDA alongside global industry leader Glencore. This JDA provides opportunity to assess alongside Glencore the scope of opportunity to potentially introduce Gelion's next-generation battery technologies to the global mining sector."
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AIM - LOSERS
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Tandem Group PLC, down 6.8% at 165.00p, 12-month range 69.75p-260.00p. The sports and leisure product retailer expects to meet market expectations for the full-year, though it notes a "challenging environment marked by increasing freight costs". These have more than trebled "in recent months". "Additionally, we have experienced some of the wettest seasonal weather on record, further impacting consumer demand. Moreover, high interest rates have persisted longer than anticipated, restricting consumer spending power and presenting another layer of complexity to our market dynamics," Chair Steve Grant says ahead of the firm's annual general meeting.
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Volex PLC, down 6.4% at 331.50p, 12-month range 264.50p-365.00p. The manufacturer of critical power and data transmission products reports improved annual earnings and lifts its dividend. It also says it eyes "accelerating our investment programme to achieve long-term growth". It explains: "This includes broadly doubling operational investments and raising capital expenditure to around 5% of revenue for the next year." Revenue in the year ended March 31 rises 26% to USD912.8 million from USD722.8 million. Its pretax profit improves 13% to USD51.6 million from USD45.8 million. Volex lifts its final dividend by 7.7% to 2.8p per share from 2.6p. Looking ahead, it adds: "The improvement in demand from our electric vehicles and consumer electricals customers towards the end of FY2024 and the beginning of FY2025 is encouraging, indicating a reduction in the impact of destocking in these areas. The significant growth in Medical and Complex Industrial Technology included some one-off catch-up due to better component availability, which is not expected to repeat in FY2025."
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By Eric Cunha, Alliance News news editor
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