AIM movers: Shoe Zone beats expectations again and i-nexus Global loses client

Craven House Capital (LON: CRV) investee companies Garimon and Honeydog – it has 29.9% of each company – are planning to reverse into the Amigo Holdings shell on the Main Market. These are music streaming and digital publishing businesses. The Craven House share price jumped 34.5% to 19.5 cents.

Further positive data for antimicrobial drug XF-73 has boosted the Destiny Pharma (LON: DEST) share price. This showed that it was effective against all known antibiotic resistance mechanisms. XF-73 nasal is ready for phase III. The signing of a licence deal will enable this to go ahead. The share price improved 22.9% to 59p.

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Video games publisher Frontier Developments (LON: FDEV) says it is comfortable with 2023-24 expectations of revenues of £108m and EBITDA loss of £9m. A review will reduce operating costs by one-fifth by next year. Further news about the reorganisation will be announced with the interims in January. The share price recovered 14.4% to 220.75p.

Infectious disease treatments developer Poolbeg Pharma (LON: POLB) is collaborating with a Nasdaq pharma company, which will use Poolbeg Pharma’s oral drug delivery technology to develop a drug for the treatment of a metabolic condition. Poolbeg Pharma will receive funding for the development. This should provide a validation of the oral drug delivery technology. The share price rose 8.66% to 7.65p.

Shoe Zone (LON: SHOE) has sparked another upgrade with its latest trading statement. The shoe retailer’s sales were slightly ahead of expectations and pre-tax profit will be at least £16m, which is 19% higher than forecast. Lower freight rates improved margins. The dividend estimate has been raised from 9p/share to 10.5p/share on the back of the profit growth. Zeus has increased its 2023-24 pre-tax profit forecast from £12.5m to £15.2m. To put this in perspective, one year ago Zeus forecast a 2022-23 pre-tax profit of £8.5m, not much more than 50% of the outcome. It would be wrong to expect similar upgrades this year, but it indicates that forecasts are conservative. The share price increased 5.88% to 225p.


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Trading in Ethernity Networks (LON: ENET) shares recommenced at 3pm on Monday and the share price fell from 0.95p to 0.325p. It fell a further 23.1% to 0.25p. The company has been granted a 21-day temporary suspension of proceedings order and a decision will be made by the court on extending the time period. Problems with components supply and in obtaining payment from clients has hurt Ethernity Networks.

Software company i-nexus Global (LON: INX) has lost a customer generating annual revenues of £648,000. In the year to September 2022, revenues were £3.1m. i-nexus Global recently raised £500,000 from a convertible loan and it says it has enough cash for at least 12 months. Costs will be reduced. The share price slumped 16.7% to 3.75p.

Abingdon Health (LON: ABDX) reported strong recovery in revenues in the second half. Management says that no additional funding is likely to be required. There was £3.2m in the bank at the end of June 2023 and cash burn is being reduced. The share price is 11.5% lower at 11.5p.

Helium One Global (LON: HE1) lost some of yesterday’s gains following drilling restarting at the Tai-3 well in Tanzania. The share price slipped 10% to 5.4p.

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