test

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.

- Advertisement -

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.

FALLERS

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.

- Advertisement -

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.

Latest News

Subscribe to the UK Investor Magazine email newsletter

Register for our free email newsletter and receive the latest investment news, podcasts, event information and offers.

More Articles Like This

Tagdiv Cloud library - template content.