asd

AIM movers: Saietta gains contract in India and Tasty decline

Oxford BioDynamics (LON: OBD) continues to rise on the back of the faster than expected completion of the validation of the PSE prostate cancer test in US CLIA laboratories. The test is available in the US and the UK, which will initially send the test to be processed in the US while accreditation is obtained in the UK. This adds to the company’s range of tests. The share price jumped another 31.2% to 35.15p and it has risen 227% over the past five days.

Saietta Group (LON: SED) has confirmed that it will be the eDrive supplier for an Indian light commercial vehicle. The initial order is worth £420,000, while £11.2m should be generated in the first full year of production. This has helped the electric drivetrain systems developer recoup some of the losses from earlier in the week when it warned that no revenues are anticipated from heavy duty vehicles and marine. The results for the year to March 2023 are delayed while impairments of intangible assets are assessed. The share price is one-quarter ahead at 40p.

- Advertisement -

Crux Asset Management has increased its stake in fabless semiconductor company Sondrel (LON: SND) from 5.88% to 8.05%. The shares appear to have come from Sarasin & Partners, which has reduced its shareholding from 5.08% to 1.67%. The share price improved 10.9% to 16.5p.

TV programmes producer Zinc Media (LON: ZIN) increased interim revenues by 68% to £18.1m and improved gross margins. Full year revenues based on business already secured should be at least £35m. The recent acquisition The Zinc is performing better than expected. Zinc Media is forecast to make a small loss in 2023 before moving to a £1m pre-tax profit in 2024. The share price increased 9.73% to 101.5p.

Recruitment and executive search software provider Dillistone (LON: DSG) reported a higher interim loss yesterday, but the progress towards profit this year has prompted a 10.2% rebound in the share price to 14p. New contracts are being won and annualised recurring revenues are growing.

FALLERS

- Advertisement -

Although restaurants operator Tasty (LON: TAST) improved like-for-like revenues by 1.4%, cost inflation meant that the pre-tax loss increased from £2.66m to £6.24m. There was also the loss of Covid relief and the provision for poorly performing sites was £4m, compared with £1.6m last time. This led to a cash outflow and net cash reducing to £2.8m. The share price is 25.5% lower at 1.75p. That is the lowest it has been since the end of 2020.

A strong performance in Brazil offset delayed demand in the US for Plant Health Care (LON: PHC) with interim revenues 1% ahead. Management believes that US demand will recover in the second half. A small loss is expected for 2023, based on a stronger second half, and Cavendish still expects a move into profit in 2024. The share price fell 15.3% to 7.35p.

Gold explorer Panthera Resources (LON: PAT) says that its subsidiary’s writ petition has been dismissed by the High Court of Rajasthan. The judgement was based on amendments to mining legislation made in 2021, but the company still believes it has a case relating to a rejected prospecting licence. Panthera Resources has secured litigation funding to pursue a claim in India under the Australia India Bilateral Investment Treaty. The share price declined 11.1% to 10p.

Plastic product supplier Coral Products (LON: CRU) says sales visibility is not as clear as in recent years, but the current year has started well. A strong first quarter was followed by a slightly weaker second quarter. Benefits from the integration of recent acquisitions should start to show through. The share price slipped 8.82% to 15.5p.

Latest News

Subscribe to the UK Investor Magazine email newsletter

Register for our free email newsletter and receive the latest investment news, podcasts, event information and offers.

More Articles Like This

Tagdiv Cloud library - template content.