AIM movers, Filtronic, Actual Experience, Forward Partners, Jadestone Energy, Alien Metals, Plexus

Filtronic (LON: FTC) was more profitable than expected in the year to May 2022 even though revenues were slightly below forecast and the share price rose by one-quarter to 11.25p. finnCap has increased its estimated earnings for the period from 0.2p a share to 0.5p a share. The telecoms components supplier also improved its net cash position from £2.8m to £3.9m.

The improvement was due to sales mix and tight control of overheads and was achieved despite component shortages. Demand for newer products has exceeded expectations and the order book for 5G Xhaul is building up. There is caution abut this year due to component shortages potentially delaying demand from telecoms customers.

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Actual Experience (LON: ACT) shares had a chance to react to news of the loss of a contract that was published late on Friday. The share price halved to 3.75p. The analytics services provider to digital businesses says that due to a change in requirements a channel partner has terminated the contract that generated £200,000 out of group revenues of £1.74m in 2020-21.

Less than one year after joining AIM, investment management company Forward Partners (LON: FWD) says that weak stockmarkets have hit the valuations of technology companies and thereby the valuations of its investments. This means that there is likely to be a mid-to-high teens percentage decline from the interim figure of £108m.

This is the valuation for the 2021 accounts, which have still not been published – they have to be published by 30 Jube or the shares will be suspended. This disappointment led to a 16% decline in the share price to 50p. Forward Partners joined AIM on 19 July 2021 when it raised £36.5m at 100p a share.

Oil and gas producer Jadestone Energy Inc (LON: JSE) shares fell 15.8% to 80pm because of the shutting down of production at the Montara field offshore Australia due to a leak in a crude oil storage tank. The leek has been stopped and the tank will be assessed so that it can be permanently repaired. This could take four weeks and the total cost will be $2m-$3m, although some of this money would have been spent on routine maintenance of the tank. Total 2022 production is expected to be around 15,500 boe/day, which is at the lower end of previous expectations.

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Alien Metals (LON: UFO) has completed the acquisition of 100% of the Vivash Gorge iron ore project in the Pilbara region of Western Australia in return for the issue of 7.83 million shares to ASX-listed Zenith Minerals. Further share issues will be made when milestones are achieved, and Zenith will receive a $1/dwt royalty on the ore shipped from the licence area. Alien Metals has other iron ore projects in the same region and there is a defined mineral resource on a neighbouring licence area that abuts the eastern central boundary of the project area.

Oil and gas engineering services provider Plexus (LON: POS) has won an order for plug and abandonment equipment and services from Oceaneering International Services. This could generate revenues of £500,000 in 2023. To put this in perspective, 2021-22 forecast revenues are £2.5m. The share price rose 0.25p to 4p, having previously been at an all-time low.

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