AIM movers: Aukett Swanke returns to profit and Orchard Funding losing GAP income

Architecture company Aukett Swanke (LON: AUK) made a small pre-tax profit on near-doubled revenues of £14m. A new funding facility of £1.4m has been secured to replace a mortgage on The Old Torpedo Factory, which Aukett Swanke plans to sell. The property is valued at £3.08m, although it is expected to be sold for less. The operations in Turkey have been sold. The share price increased 18.9% to 1.1p.

Coal miner MC Mining (LON: MCM) has received a joint takeover offer from Senosi Group Investment and Dendocept, plus some other shareholders, which own a total of 64.3% of the share capital. Hong Kong-based Goldway Capital will be the vehicle to make the A$0.16(8.27p)/share cash offer. Shareholders are advised to take no action until the company has fully considered the offer. The share price improved 13.2% to 7.5p.

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Oil and gas company Parkmead Group (LON: PMG) says the LDS-01 gas well in the Netherlands is producing at the highest level for four years. In 2024, average production is expected to increase to 260 boe/day, although gas prices have fallen. The Kempstone wind farm is becoming a bigger contributor to revenues. The share price rose 9.84% to 16.75p.  

Education administration software and services provider Tribal Group (LON: TRB) says 2023 revenues will be marginally ahead of expectations. Overall annual recurring revenues are 9% ahead at £54.5m. The dispute with Nanyang Technology University continues. Net debt was £7.2m at the end of 2023. Cost savings should help profit to improve. The 74p/share offer from Ellucian lapsed. The share price recovered 7.19% to 45.45p.


Orchard Funding Group (LON: ORCH) has been hit by FCA criticism of guaranteed asset protection (GAP) products. Orchard Funding’s main brokers has stopped selling these products. More than one-fifth of the Orchard Funding loan book is GAP products. Liberum assumes a one-fifth reduction in the loan book. Liberum has cut its 2023-24 pre-tax profit forecast by 28% to £1.36m and next year’s figure by 55% to £903,000. The share price slumped 27.3% to 24p.

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Mosman Oil & Gas (LON: MSMN) has raised £300,000 at 0.125p/share, which will be used to fund the costs of the Amadeus Basin licences in Australia. Mosman Oil & Gas has to pay all costs until completion of a farm-out agreement of a 75% interest to Greenvale Energy. Once that goes through, Mosman Oil & Gas will be reimbursed A$160,000. The share price declined 20.6% to 0.0135p.

Trading has recommenced in GCM Resources (LON: GCM) shares following the completion of a £500,000 subscription at 1.65p/share. More cash will be required by May. The share price slipped 19.8% to 2.125p.

Hutchison (China) (LON: HCM) says that Inmagene Biopharmaceuticals has exercised options to licence two drug candidates as part of their partnership. Hutchison (China) received 7.5% of Inmagene Biopharmaceuticals for global rights. There are potential development milestones of up to $92.5m and a further $135m dependent on the achievement of commercial milestones, plus royalties. Yet, the share price continues to decline with a fall of 3% to 196p.

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