AIM movers: Team Internet strategic review and Shearwater declines despite strong results

A sharp jump in trading volumes has pushed up the share price of Empyrean Energy (LON: EME) by 91.7% to 0.115p. Trading levels are set to exceed any other day in the past year.

Image Scan (LON: IGE) has won a £500,000 contract from a south east Asian customer. It is for ThreatScan portable X-ray systems and delivery will be in the year to September 2026. Last week, there was a positive trading statement showing a stronger second half, and the order book was worth £4.7m at the end of September 2025. The share price increased 13.8% to 1.65p.

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Blue Star Capital (LON: BLU) investee company SatoshiPay, says that its Vortex fiat-to-crypto infrastructure platform has onboarded its first major API partners. It has passed $2m in cumulative transaction volumes. The share price rose 11.4% to 12.25p.

Shuka Minerals (LON: SKA) has received an initial tranche of $300,000 of the promised $1.35m cash injection by Gathoni Muchai Investments to pay the cash consideration for the acquisition of Leopard Exploration and Mining, owner of the Katwe zinc mine in Zambia. The rest should be received by the end of November. The share price rebounded 11.1% to 5p.

Team Internet Group (LON: TIG) has launched a strategic review of divisions. The domains, identity and software division is believed to be worth more than the current market capitalisation of the group. However, the search division is doing worse than expected and management’s confidence that trading levels can be rebuilt following Google changes. Zeus has cut its 2025 pre-tax profit forecast from $49.4m to $29.7m after reducing expectations for search and comparison divisions. The latter has been hit by lower volumes. Net debt is expected to be $99.6m at the end of 2025. Zeus has a sum of the parts valuation of 91.1p/share. The share price recovered 8.72% to 46.75p.

FALLERS

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Mercantile Ports & Logistics (LON: MPL) says that its debt has been assigned to Prudent ARC and it has made an offer to redeem that debt. The share price fell a further 23.1% to 0.5p.

Promotional products platform operator Altitude Group (LON: ALT) is focusing on higher margin merchanting business and that means revenues will be held back. There has also been softer US demand for services. Full year guidance has been reduced to revenues of $43m and EBITDA of $3.7m, compared with previous EBITDA forecasts of $4.5m. The share price declined 14.5% to 20p.

Cyber security software and services provider Shearwater Group (LON: SWG) had a strong financial performance in the 15 months to June 2025, but this appears to have been overshadowed by accounting adjustments. However, the underlying momentum of the business is still good. Annualised figures show a rise in revenues from £24.4m to £31.6m, while EBITDA doubled to £1.8m. Revenues would have been slightly higher before a change in accounting policy spreading some income over the length of the contracts. The new finance director has reassessed intangible asset valuations and this led to an £11m write-down, but this is not relevant to current trading. Cavendish forecasts a 2025-26 pre-tax profit of £1.1m. The share price lost 17.9% to 50.5p.

Diagnostics developer Abingdon Health (LON: ABDX) increased full year revenues by two-fifths to £8.6m, but the loss increased from £1.4m to £3.5m. Net cash was £1.17m at the end of June 2025 and after the period £3.2m was raised. The loss should be much lower this year as the benefits of US expansion come through. The share price slipped 7.74% to 7.75p.

Pulsar Helium (PLSR) has completed drilling of the Jetstream #3 appraisal well at the Topaz project in Minnesota and penetrated the entire interpreted helium-bearing interval. There is a strong pressure reading that is higher than the previous two wells. Flow testing will follow. Drilling has started at Jetstream #4. The plan is to update the Topaz resource. The share price deceased 3.9% to 37p.

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