AIM movers: Safestyle downgrade and Shearwater forex loss

Replacement windows supplier Safestyle (LON: SFE) says demand has weakened and costs increased during the autumn. There are signs of improvement, but 2022 revenues will be lower than anticipated. Zeus no longer expects Safestyle to make a profit this year and it has more than halved its 2023 forecast pre-tax profit to £3.6m. This also means that the dividend expectations have been cut from 0.8p a share to 0.5p a share in 2022 and halved to 1p a share in 2023. Net cash should be £9m at the end of 2022. The share price dived by 15.5% to 26.15p.

A large foreign exchange loss on a contract pushed cyber security services and software provider Shearwater Group (LON: SWG) into loss and the share price slumped by 21.2% to 89.5p. The loss will partly unwind in the second half, so Shearwater should make a full year pre-tax profit of £600,000 according to Cenkos. The longer-term outlook is positive with two new distributors signed up in North America and a new software launch.

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PipeHawk (LON: PIP) fell into loss on lower full year revenues. It has been hit by higher energy costs and delayed orders. Management says that the outlook is more positive. Net debt increased to £8.28m. The share price fell 13.3% to 13p.

Karelian Diamond Resources (LON: KDR) is raising £250,000 at 2p a share, while the share price dipped 12% to 2.2p. The cash will be spent on diamond concessions in Finland and Ireland. A meeting is upcoming relating to the Lahtojoki diamond deposit in Finland.

Infrastructure India (LON: IIP) says it expects to receive proceeds from the sale of Indian Energy in December. The buyer has asked for additional time to complete the transaction and there is a possibility that the deal might not go through and an alternative buyer comes forward. Assuming the cash is received it will be used to pay creditors. Other disposals are planned. The share price recovered by 28.6% to 0.45p.

Home buying technology developer Smoove (LON: SMV) has announced details of its £5m tender offer. It is acquiring up to 12.5 million shares at 40p each. That is 19.3% of the share capital. The share price rose 9% to 36.3p. The tender closes on 9 January. There was £17m in the bank at the end of September 2022 and the cash outflow should reduce.

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Orcadian Energy (LON: ORCA) has entered into a memorandum of understanding with SLB to deliver services for the wells on the Pilot heavy oil project in the North Sea. There are plans for 34 wells. The share price improved by 8.33% to 26p.

Ariana Resources (LON: AAU) announced a 22% increase in the resource estimate for the Tavsan mine. The latest estimate is 307,000 ounces of gold and 1.1 million ounces of silver, with 83% of the resource in measured and indicated categories. Ariana Resources has a 23.5% stake in Tavsan. Further exploration should increase the resource. The shares rose 7.46% to 3.6p.

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