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AIM WINNERS & LOSERS: Tungsten West seeking short-term liquidity

14th Sep 2023 10:47

(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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LoopUp Group PLC, up 58% at 3.38 pence, 12-month range 1.6p-8p. The cloud platform company reports interim results showing revenue of GBP12.2 million in the first half of 2023, almost doubling from GBP6.6 million. Loss before tax narrows substantially to GBP1.6 million from GBP7.1 million. Says based on year-to-date trading, it expects to "broadly" meet market expectations for the full year. This comes amid a "positive trajectory in Cloud Telephony and the as expected declining trajectory in Meetings and Event".

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Keystone Law Group PLC, up 15% at 470.88p, 12-month range 380p-540p. The London-based law firm reports an upbeat set of interim results for the six months to July 31, as revenue rises 15% to GBP42.3 million from GBP36.8 million a year before. Pretax profit rises 29% to GBP5.3 million from GBP4.1 million. Expects results for the whole financial year to surpass market consensus estimates of GBP78.9 million and adjusted pretax profit of GBP9.5 million. In financial 2023, it reported revenue of GBP75.3 million and adjusted pretax profit of GBP9.2 million. Says activity levels and client demand has been strong since. Also notes recruitment market conditions have "moved in the group's favour", and it continues to attract "high-calibre talent", but uncertainty is still weighing on candidate flow.

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AIM - LOSERS

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Tungsten West PLC, down 29% at 2.67p, 12-month range 1.91p-28.5p. The mining company, which is focused on restarting production at the Hemerdon tungsten and tin mine in Devon, England, warns it may not be able to meet its liabilities as they fall due in November. This will partly hinge upon whether it can find purchasers for its Tranche C notes. In the meantime, it is cutting costs and engaging with its loan note holders, as well as looking at other sources of funding for its short-term liquidity needs. Also provides financial results for year ended March 31. Pretax loss narrows slightly year-on-year to GBP10.3 million from GBP13.0 million, as revenue edges down to GBP626,460 from GBP673,509. Says entering a "pivotal phase" as it seeks to obtain necessary permits and funding to enable construction.

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By Elizabeth Winter, Alliance News senior markets reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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