AIM Movers: Polarean Imaging contract and Mothercare downgraded

Polarean Imaging (LON: POLX) has received a new order for a Xenon MRI system from the University of Alabama at Birmingham Hospital. It has ordered a machine before, but this is the first time without a research programme being attached to the order. The system will be installed later this year. A Xenon MRI programme will be developed. The share price jumped 34.8% to 4.65p.

Tialis Essential IT (LON: TIA) increased 2023 revenues by 55% to £22.4m and moved into profit. The acquisition of Allvotec contracts reduced the gross margin. The managed services provider intends to transition these to service contracts. This year a further improvement in pre-tax profit from £1.1m to £1.4m is forecasts as margins start to improve. The share price rose 4.35% to 60p.

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Genedrive (LON: GDR) has raised £2.1m in a placing at 1.5p. This follow’s yesterday evening’s announcement of a fundraising, where the point of care pharmacogenetic testing company wanted to raise £2.5m via a placing. There is also a REX retail offer for up to £3.5m, which closes on 17 May, and a one-for-one open offer that could raise up to £2.1m. If the total amount raised is not at least £6m the fundraising will not go ahead, so a further £3.9m is required. The company’s tests are being commercialised and a direct to consumer strategy pursued in the UK, while there will be distributors in other countries. There will also be investment to improve manufacturing efficiency and to fund regulatory approvals. The share price halved to 1.75p, which is still above the heavily discounted fundraising price.

Mothercare (LON: MTC) reported a 13% decline in global system sales last year due to poor trading in the Middle East. Destocking is a problem. There was better trading in the UK and Indonesia. The retailer will improve EBITDA, but Cavendish reduced its forecast EBIDA by 9% to £7m, compared to £6.7m in 2022-23. Refinancing talks continue and a conclusion should reduce the interest bill. The share price dived 27.1% to 4.52p, which is the lowest it has been since last November.

Metallurgical coal company Bens Creek (LON: BEN) says a further court hearing related to the three US operations that are in Chapter 11 bankruptcy protection will be held on 6 June. The court has accepted the proposed Avanti debtor in possession financing and $2m has been drawn down. This provides enough cash until the end of May. The final terms of the facility are being negotiated. The share price dipped 6.06% to 0.155p.

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