AIM movers: Nexus Infrastructure order book recovers and Anglo Asian Mining gold production declines

Nexus Infrastructure (LON: NEXS) reported a slump in revenues in the six months to March 2024, but the order book is improving. Revenues generated by the infrastructure services provider fell from £51m to £25.8m and the company slipped into loss. The interim dividend is maintained at 1p/share. There was a cash outflow, but cash is still £9.3m, which is more than the market capitalisation. The order book is worth £72m, but the recovery in revenues may not happen until next year. There are plans to diversify the business so it is not dependent on housebuilding. The share price recovered 15.2% to 95p.

Yesterday evening, Phoenix Copper (LON: PXC) says that it has conditionally raised $80m from a bond issue to fund the construction of the Empire copper-gold mine in Idaho. The cash will be drawn down in tranches. The arrangement fee is paid for by the issue of 33.9 million shares. NIU invest is acquiring the bond and it will have the right to subscribe for a 25% stake in Phoenix Copper over a five-year period. The share price is 15.6% ahead at 22.25p.

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Quantum Blockchain Technologies (LON: QBT) has reached a settlement with some of the defendants of the Sipiem in Liquidazione case. An agreement with Sipiem’s receiver means that Quantum Blockchain Technologies has paid €170,000 for all the other rights to the total settlement of €6.275m. The settlement relates to €700,000 of the award. This requires court approval. The share price improved 11.3% to 1.085p.

Cancer treatment developer ValiRx (LON: VAL) has clarified its cash position. Following the £1.8m raised earlier this year, cash was £1.1m on 15 May. The share price rose 7.89% to 2.05p.

FALLERS

Lower gold production meant that Anglo Asian Mining (LON: AAZ) revenues fell from $84.7m to $45.9m, which meant that it swung from pre-tax profit of $7.5m to a loss of $32m. There were $18m of non-cash impairment charges of capitalised exploration costs and the value of the Libero Copper and Gold investment. All-in sustaining cost of gold production jumped from $1,064/ounce to $1,510/ounce. Total production was 31,821 ounces. The share price declined 5.97% to 63p.

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Managed services provider Redcentric (LON: RCN) published a trading update that shows a disappointing outcome for the year to March 2024. Four clients were lost when the Harrogate datacentre was closed. Cavendish has cut its full year pre-tax profit forecast from £7.1m to £4.6m. Net debt of £41.9m is forecast. A jump in pre-tax profit £18.8m is forecast for 2024-25. The share price fell 5.59% to 135p.

Water Intelligence (LON: WTR) was upbeat about first quarter trading and Dowgate has edged up its forecast following the recent franchise reacquisition. The water leak detection business has won two new insurance contracts. The 2024 pre-tax profit forecast was raised from $9.4m to $9.5m, but the share price slipped 4.17% to 345p.

Drug developer Arecor Therapeutics (LON: AREC) increased 2023 revenues by 90% to £4.6m. Including grant income, total income was £5.7m. Tetris Pharma sales are becoming more substantial. Lower R&D spending meant that the loss reduced from £9.3m to £8.6m. Net cash is £6.8m. Data is expected from the AT278 phase 1 trial in type II diabetes patients. The share price is down 4.03% to 131p.

Ex-dividends

Churchill China (LON: CHH) is paying a final dividend of 25p/share and the share price declined 25p to £11.50.

Fevertree Drinks (LON: FEVR) is paying a final dividend of 10.9p/share and the share price fell 11.5p to 1179.5p.

FRP Advisory (LON: FRP) is paying a dividend of 0.9p/share and the share price is unchanged at 128p.

Jarvis Securities (LON: JIM) is paying a dividend of 1.5p/share and the share price slipped 3p to 60.5p.

James Halstead (LON: JHD) is paying an interim dividend of 2.5p/share and the share price is unchanged at 201p.

Manx Financial (LON: MFX) is paying a final dividend of 0.46p/share and the share price declined 0.5p to 20.5p.

The Property Franchise Group (LON: TPFG) is paying a final dividend of 7.4p/share and the share price is 2.5p lower at 392.5p. Vector Capital (LON: VCAP) is paying a final dividend of 1.53p/share and the share price fell 1p to 33.5p.

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