CMO Group (LON: CMO) is the largest faller on the day having almost halved to 39p – last year’s placing price was 132p. The online retailer of building products says revenues in the 27 weeks to June 2022 are 10% ahead, or 2% higher like-for-like. Guidance is that full year revenues will increase from £76.3m to at least £86m, but previously £95.5m was expected. The EBITDA estimate has been reduced from £5.55m to around £3.7m – similar to last year. Supply problems have increased prices and trading has been getting tougher since Easter.
T42 IOT Tracking Solutions (LON: TRAC) has signed a distribution agreement in Argentina for its shipping container tracking systems with an estimated value of more than $16m over four years. That sent the share price 39% higher at 14.25p. The deal includes recurring revenues and sales should start in 2023.
Aeorema Communications (LON: AEO) says that the year to June 2022 was its strongest ever with a 130% jump in revenues and a pre-tax profit of at least £700,000. The live events agency benefited from the ending of Covid restrictions for in-person events and virtual events are continuing. There is £1.65m in the bank. The share price rose 27.3% to 70p.
Embedded computer boards supplier Concurrent Technologies (LON: CNC) has received a new order from a global medical technology company. The initial order is worth $2.2m in the first year of product shipments and there should be orders for several years. This further diversifies the customer base away from defence, which was 70% of the revenues of £20.5m in 2021. The share price is 9.4% higher at 81.5p and it is 5.2% ahead of the level at start of the year, which is a significant outperformance of AIM.
Drink brands owner Distil (LON: DIS) says first quarter revenues have decreased by 81% to £120,000. The share price dived 14.8% to 1.15p. Management says that there is a one-off impact from stock being removed from a distributor so that Distil can handle its own UK sales. Marketing spending is higher, and the benefits of the distribution change are not expected to show through until next year. Export sales increased.
Ironveld (LON: IRON) has raised £4m at 0.3p a share to finance the acquisition and refurbishment of Ferrochrome Furnaces Ltd and may raise up to £1m more. Directors’ loans and fees of £351,000 has been capitalised. Management has raised the cash because it is not certain that Grosvenor Resources will be able to complete the promised cash injection. Shareholder approval is required at a general meeting on 1 August. A time has not been set for the requisitioned general meeting to remove two directors. The share price fell 7.8% to 0.355p – having been 0.705p one month ago.
Itaconix (LON: ITX) increased interim revenues by 124% to $3m. This sparked a 11.4% rise in the share price to 6.85p. Revenues trebled from cleaning applications using the company’s plant-based ingredients, but beauty and hygiene revenues declined due to lower order volumes. That hit gross margin. There was $900,000 of net cash at the end of June 2022.