AIM movers: Arbuthnot Banking interest boost and CleanTech Lithium rally continues

A profit jump at Arbuthnot Banking (LON: ARBB) sparked a 17.7% rise in the share price to 1115p. The higher interest rates and focus on specialist lending are helping with the profit improvement. Credit risk is being tightened and loan growth has been slower than expected. Pre-tax profit improved from £3.4m to £26.4m, which is more than three-fifths of the full year forecast of £43m. Rises in deposit interest rates will catch up with lending rates in the second half. The interim dividend is raised from 17p/share to 19p/share.

Share prices of Cleantech Lithium (LON: CTL) and Ariana Resources (LON: AAU) continue to rise following announcements yesterday. Cleantech Lithium announced a 39% increase in measured and indicated resource for the Laguna Verde project. The resource is sufficient for an annual production rate of 20,000 tonnes of battery grade lithium carbonate for more than 30 years. The share price is 12.5% ahead at 45p. Ariana Resources revealed that the Slivova gold project in Kosovo has an updated measured and indicated resource of 1.1 million tonnes grading 4.1g/t gold and 15g/t silver plus a further 300,000 tonnes of inferred resources. The mineralisation is in the Main Gossan and Gossan Extension zones, with other areas still to be explored. The share price is 9.5% higher at 2.3p.

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Alliance Pharma (LON: APH) edged up underlying interim revenues to £82.4m. Manufacturing delays due to regulatory issues hampered progress. Demand for scar treatment Kelo-Cote increased as destocking in China came to an end. Growth should accelerate in the second half. Nizoral revenues also grew strongly. Net debt decreased by £7.5m to £94.5m. Chief executive Peter Butterfield is back working full time. The share price increased 9.77% to 50p.

Medical imaging company Ixico (LON: IXI) is providing its services in a clinical trial of a novel therapeutic to treat the rare neurodegenerative disease Progressive Supranuclear Palsy. The contract is worth £1.3m over four years.  The share price rose 6.67% to 20p.

Pelatro (LON: PTRO) says a customer owing $550,000 will not be paying on time. There are other receivables which are delayed, and the total is $1.1m out of group receivables of $4.2m. For some customers this is due to waiting for government approval for payments to a foreign entity, but there are disputes with firms in Nepal and Myanmar that owe $375,000. There was $700,00 in the bank at the end of June 2023, but more finance is likely to be required before the end of the year. The share price slumped 45.6% to 4.35p.

United Oil & Gas (LON: UOG) says interim revenues declined from $9.8m to $6.4m. There have been difficulties getting cash out of Egypt. Two development wells came on stream in March and May respectively. Additional drilling starts in September. Quattro has still not paid for the interest in the Maria licence because it is still trying to raise the funds. There was cash of $550,000 at the end of June 2023. The share price dived 26.4% to 1.325p.

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Mirriad Advertising (LON: MIRI) interim revenues from continuing operations improved by 26% to £576,000 as US revenues declined. Germany and the Middle East grew. There was cash of £9.8m at the end of June 2023. Second half revenues are usually double the interim level. The share price fell 13% to 1.175p.

Andrada Mining (LON: ATM) is raising £7.7m from an unsecured convertible loan note issue. This should provide sufficient finance for at least 15 months. The main asset is the Uis mine in Namibia. Construction of the lithium bulk sampling plant and tantalum production circuit has been completed and commissioning started. The share price is 4.7% lower at 6.9p.

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