AIM movers: Positive trading at Kinovo and Goldstone Resources returns from suspension

Diagnostic tests developer genedrive (LON: GDR) shares rose 8.96% to 1.825p following news of £100,000 of initial orders for the MT-RNR1 testing kit. A placing raised £2.1m at 1.5p/share and there is a REX retail offer for up to £3.5m, which closes on 29 May, and a one-for-one open offer that could raise up to £2.1m. If the total amount raised does not reach at least £6m the fundraising will not go ahead, so a further £3.9m is required.

Another strong trading statement from Kinovo (LON: KINO) with profit and cash ahead of expectations. The property services provider says 2023-24 revenues were £64.1m and net cash is £400,000The pre-tax profit estimate has been raised from £5.8m to £6.1m. Next year’s profit forecast has been raised from £6.3m to £6.6m. Most of the costs relating to the guarantee for DCB have been paid. The share price has risen 6.76% to 59.25p.  

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Brake technology developer Surface Transforms (LON: SCE) shareholders subscribed for 226% of the open offer shares on offer at 1p/share. The board has decided to increase the amount accepted from £2m to £3m. This takes the total amount raised to £9.5m. The share price improved 6% to 1.325p.

Education software and services provider Tribal Group (LON: TRB) has finally reached a settlement with Nanyang Technological University. This dispute has been hanging over the business for years. Tribal Group will pay £3.1m over 18 months. A further exceptional charge for the dispute will be taken in the first half of 2024. The share price recovered 3.51% to 59p.


Shares in Goldstone Resources (LON: GRL) have returned from suspension after raising £834,000 at 1p/share and the previous publication of 2022 annual accounts and interims for last year. One of the original subscribers to the subscription in April did not come up with the cash it promised, and the amount raised is lower than expected. The main assets is a gold project in Ghana. The share price slumped 52.3% to 1.025p.

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Semiconductors designer EnSilica (LON: ENSI) has raised £4.9m at 45p/share and up to £300,000 more that can be raised from a WRAP retail offer. The share price declined 17.3% to 45.5p. The cash will be used for working capital and investment in technology. There have been delays to supply contracts and the product mix change has reduced margins. In February, £1.1m was raised at 50p/share.

Pennant International (LON: PEN) has raised £1.51m at 25p/share and the share price fell 6.9% to 27p. The training and software products supplier is trading in line with expectations, but order conversion has been slower than anticipated. The cash will fund the development and integrations of software products.

Pulsar (LON: PULS), formerly Access Intelligence, reported full year figures in line with the trading statement earlier this year. In the first quarter of 2024, annualised recurring revenues increased to £62.3m with a return to growth in Asia Pacific. Pre-tax profit is forecast to improve from £1.1m to £2m this year. The share price declined 5.16% to 73.5p, but this comes after a sharp recovery in the shares in recent weeks.

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