13th Dec 2024 09:50
(Alliance News) - The following stocks are the leading risers and fallers on AIM on Friday.
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AIM - WINNERS
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Kazera Global PLC up 21% at 1.36 pence, 12-month range 0.31p-1.55p. The mining-focused investor says its Whale Head Minerals strikes a sales and offtake deal for heavy mineral sands output with Fujax Group Ltd. WHM will sell an initial 100,000 dry tonnes of heavy mineral sands in monthly batches of 6,000 tonnes. First sales are to come in March. WHM will be paid 80% of the anticipated final sales price within five days of delivery to the mine gate. The remainder comes within five days of final sale of the product.
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AIM - LOSERS
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Impax Asset Management Group PLC, down 23% at 252.85p, 12-month range 245.50p-575.00p. The asset manager slumps after receiving notice that it has lost some business from St James's Place PLC. SJP has terminated Impax Asset Management's mandate to manage the Sustainable & Responsible Equity Fund. The termination is to take effect in February, subject to the fund seeking final approval from unitholders at an extraordinary general meeting next month. It represented the only business Impax Asset Management had with SJP and it totalled GBP5.2 billion of assets under management as of the end of November. "The impact on Impax's revenue is expected to be circa GBP12.7 million on an annualized basis. The termination of the mandate has been driven by SJP seeking to further diversify the fund across investment styles," Impax adds.
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Portmeirion Group PLC, down 18% at 169.00p, 12-month range 160.00p-310.00p. It warns on annual revenue as it grapples with supply delays ahead of the key Christmas period. The designer of homeware products has been hurt by "supply chain disruption from Asia and recent shipping disruption into the US due to port strikes". In addition, it notes destocking in South Korea and "challenging and unpredictable" trading conditions in key markets. It now expects 2024 revenue of GBP90 million, "below market expectations". As a result, pretax profit of GBP1.0 million is expected. Revenue in 2023 totalled GBP102.7 million, and it suffered a pretax loss of GBP8.5 million. On a headline basis, excluding an impairment charge, it achieved pretax profit of GBP3.0 million in 2023. The firm adds on Friday: "With the group's strong second half sales and profit weighting, Q4 is always a key trading period. Both the UK and US markets have been impacted by political and macroeconomic developments, which have been further compounded by ongoing supply chain and shipping disruption into the US delaying product deliveries in time for key holiday sales periods. This has led to, in some cases, order withdrawal and lower replenishment orders, coupled with increased costs. Whilst consumer demand and pull through in both regions were up across the key Thanksgiving / Black Friday holiday period, overall sales and replenishment across October and November 2024 were below the group's expectations."
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By Eric Cunha, Alliance News news editor
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