AIM movers: Quadrise Fuels trials to start in Morocco and ex-dividends

Shares in Caribbean-based oil and gas explorer Star Phoenix (LON: STA) continue rise following yesterday’s return from suspension. The share price is 53.9% higher on the day at 2p.

Low carbon fuels developer Quadrise Fuels International (LON: QFI) says its MSAR fuel has cleared customs in Morocco and fuel trials should commence at the end of the first quarter. If successful, this could be a substantial contributor to sales. The customs clearance delay had helped to knock 21% off the share price. It recovered 24% to 1.525p.

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Transport route analytics company Cordel Group (LON: CRDL) has won a three-year renewal of a contract with US rail inspection company Holland. The share price rose 12% to 7p.

Market research services provider System1 (LON: SYS1) had a strong third quarter with data revenues 18% ahead at £3.4m. Consultancy revenues are still declining but at a slower rate. Overall, cumulative revenues were 12% lower at £16.7m. This means that System1 is on track for full year revenues of £22.3m. A small full year pre-tax profit is forecast. Net cash is £5.1m. The share price increased by 9.09% to 180p.

Digital services provider Made Tech Group (LON: MTEC) increased interim revenues by 76% to £20.6m, but pre-tax profit fell from £1m to £300,000. Singer still expects full year pre-tax profit to improve from £2.3m to £3.4m. Fewer contractors are being used and margins should rise in the second half. More than £60m of additional bookings have been gained so far in 2022-23. The share price slumped 13.1% to 33.25p.

Invinity Energy Systems (LON: IES) raised £21.5m at 32p a share with up for £4m more to come form a two-for-19 open offer. Taiwan-based Everbrite Technology is investing £2.5m. The cash will be used for working capital, which is expected to last until the middle of 2024. At that time the next generation Mistral grid scale vanadium battery. The company will not need to draw down the $10m convertible loan facility. The share price dipped 12.2% to 32.5p.

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Cancer treatments developer Redx Pharma (LON: REDX) is merging with Jounce Therapeutics and the AIM company’s shareholders will own 63% of the enlarged group. They will receive 0.2105 of a Jounce share for each Redx share. Jounce will be renamed Redx Inc and retain its Nasdaq listing. The Redx share price slipped 7% to 46.5p.

Leather producer Pittards (LON: PTD) says trading near the end of 2022 was hit by the weak UK currency and poor sales due to destocking. The latter continued into 2023. Pre-tax profit for 2022 will be below expectations. The shares are 10.6% lower at 42p.  

Educational services provider Tribal Group (LON: TRB) says trading is in line with expectations, but the large Singapore contract is still holding back profit. Negotiations about the contract are not progressing as well as hoped and no resolution is expected in the near term. Annualised recurring revenues rose 3% to £52.5m. Net debt is £3.4m. The share price fell 7.87% to 48.6p.


Alumasc (LON: ALU) is paying a dividend of 3.4p a share and the share price fell 3.5p to 167.5p.

FRP Advisory (LON: FRP) is paying a dividend of 0.85p a share and the share price declined by 3p to 127.5p.

Gateley (LON: GTLY) is paying a dividend of 3.3p a share and the share price rose 3.5p to 182.5p.

Hercules Support Services (LON: HERC) is paying a dividend of p a share and the share price is 3.5p higher at 69.5p.

Samuel Heath (LON: HSM) is paying a dividend of 5.5p a share and the share price is unchanged at 450p.

Jarvis Securities (LON: JIM) is paying a dividend of 3p a share and the share price is 20p lower at 167.5p.

Van Elle (LON: VANL) is paying a dividend of 0.4p a share and the share price fell 4.5p to 48.5p.

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