AIM movers: Dillistone, Redx Pharma, Saietta, AssetCo, SpaceandPeople

Recruitment software developer Dillistone Group (LON: DSG) says that executive search software product Talentis is gaining momentum with first quarter recurring revenues double the level in the fourth quarter of 2021. It should double again in this quarter. This is from a low base because it is a new product. Dillistone is still expected to make a small loss this year. The share price recovered 1.5p to 22.5p.

Redx Pharma (LON: REDX) and Nasdaq-listed Jazz Pharmaceuticals say that the Pan-RAF inhibitor JZP815 has been cleared to enter clinical development. Redx will receive a milestone payment of $5m, taking the total received to $11.5m. Difficult to treat solid tumours will be the focus of the clinical development of JZP815. A Pan-RAF inhibitor can offset developing resistance to the drugs used to treat tumours. This milestone sparked a 3.2p increase in the Redx share price to 64p.

Electric powertrain developer Saietta Group (LON: SED) says it is developing a fully integrated e-drive system, including its own Axial Flux Technology motor with power electronics, gearbox and axle. This will increase the potential revenues and margins and the share price rose 10p to 150p. Mass production of the integrated system will be prioritised at the new Sunderland facility. It will require additional capital investment, so cash is being reallocated from the motor durability test centre, which will only be for internal testing.

Investment management company AssetCo (LON: ASTO) has completed the acquisition of River & Mercantile Group. This takes the enlarged group’s assets under management to £12.2bn. There are plans to sub-divide the shares, but the exact proportion has not been decided. The share price has risen from its 2022 low of 700p to 760p.

Retail and promotions business SpaceandPeople (LON: SAL) continues to decline following Monday’s share consolidation. The post-consolidation share price was 140p and it has fallen to 127.5p – after a further 5.6% decline today. This can tend to happen to share prices post-consolidation, especially when a company is losing money. SpaceandPeople made an underlying profit of £70,000, so there is little to underpin the share price.

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Andrew Hore is the publisher of AIM Journal, which is an online monthly publication covering the Alternative Investment Market.