AIM movers IG Design recovery and Deltic Energy funding concerns

Redx Pharma (LON: REDX) directors are buying shares ahead of tomorrow’s departure from AIM. Finance director Peter Collum bought 95,000 shares at 10.08p each and general counsel Claire Solk acquired 172,108 shares at 11.74p each. The share price recovered 44.7% to 16.5p.

Gift wrap and stationery supplier IG Design (LON: IGR) did better than expected in the year to March 2024 with margins recovering and pre-tax profit improving from $9.2m to $25.9m, compared with a forecast of $20.5m, even though revenues fell. Net cash nearly doubled to $95m. It appears the recovery is gathering pace. Management believes that margins could return to previous levels this year and an operating margin of more than 6% in 2026-27, suggesting a pre-tax profit of around $50m. The share price rebounded 35.4% to 164.5p.

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Paper and technical fibres manufacturer James Cropper (LON: CRPR) clawed back some of the losses from last year’s profit warning after a positive year-end trading statement. Pre-tax profit should be around £600,000. Weak fuel cell demand meant that advanced materials revenues fell. A new managing director has been appointed for the division and it remains the main generator of growth in the medium-term. There are signs of recovery for the paper making business. The share price rose 24.5% to 330p.

Webis (LON: WEB) subsidiary WatchandWagerhas launched a new website for its Advanced Deposit Wagering business ahead of the Kentucky Derby. There was cash of £530,000 at the end of March 2024. The share price improved 13% to 1.3p.

Cybersecurity services provider Smarttech247 (LON: S247) increased interim revenues by 17% to €5.4m. There was €4.5m in cash at the end of January 2024. The share price increased 10% to 22p.


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Cloudified Holdings (LON: CHL) shares returned from suspension after it published interim figures. Previously known as Falanx Cyber Security, the company sold its subsidiaries and became a shell. If a suitable acquisition is not found, then the company will be liquidated. The share price slumped 80.8% to 4p.

Deltic Energy (LON: DELT) has found it difficult to secure a partner for the Pensacola discovery in the North Sea because of uncertainties about tax making planning difficult. Deltic Energy has a 30% working interest and Shell is the operator. If funding is not secured, then Deltic Energy may not be able to participate in the licence. This concerns investors and the share price has fallen 47.4% to 20.25p.

Mark Halpin has stepped down as chief executive of managed IT services provider CloudCoCo (LON: CLCO) and MXC Guernsey, which holds a 10.6% stake, has extended its loan notes to 31 August 2026 in return for a £550,000 fee. The amount outstanding on the loan notes is £5.85m. MXC can also appoint an executive director and Ian Smith becomes interim chief executive. The shares returned from suspension following the release of figures for the year to September 2023 showing revenues 7% ahead at £26m. The loss was flat at £2.6m. There was a cash inflow from operating activities. Net debt was £6.3m at the end of September 2023. The share price dipped by two-fifths to 0.45p.

Workspace software supplier Essensys (LON: ESYS) reduced its interim loss even though revenues fell 5%. Annualised recurring revenues were flat at £20.5m. Full year revenues to July 2024 are expected to decline from £25.3m to £23.1m, but the loss could be slashed from £11.4m to £5.6m. The share price declined 26% to 13.5p.

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