AIM movers: Strong second half at RUA and Steppe Cement loses market share

A strong second half at medical device technology developer RUA Life Sciences (LON: RUA) means that full year revenues were £2.2m – the same as the previous year. Margins have improved and operating costs fell £200,000 to £3.4m. There is £4m in cash. An initial development contract worth £100,000 has been awarded by a multinational. The share price recovered 20.5% to 13.25p, which is the highest it has been since the fundraising at 11p/share at the end of November.

The Gelion (LON: GELN) share price continues to rise after yesterday’s announcement that the energy density testing of its lithium-sulphur battery technology shows that it far exceeds lithium-ion batteries. The 9.5 Ah pouch cell achieved an energy density of 395 Wh/kg, which 60% higher than lithium-ion batteries. This means that the batteries could be lighter and cheaper and made from more abundant materials, but there is some way to go to get to commercialisation. Gelion has cash of £7.5m. The share price is 13.5% higher at 29.5p, which is back above last November’s £4.4m fundraising price of 24p/share.

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PCI-Pal (LON: PCIP) chief executive James Barham bought 26,820 shares at 56.5p/share and non-exec Simon Wilson acquired 30,000 shares at 58.8p each. The share price increased 3.57% to 58p.


Steppe Cement (LON: STCM) plans to return 1.5p/share after a capital reduction is agreed by shareholders. That did not offset the disappointing trading statement from the Kazakhstan cement supplier. First quarter revenues fell from $10.8m to $8.4m due to a combination of lower sales and reduced selling price. The market decreased by 12%, but Steppe Cements market share fell from 12.7% to 11.5%.  The share price declined 17.1% to 17p.

Xeros Technology (LON: XSG) announced a fundraising late on Thursday. There has been £4.5m raised at 1.5p/share and up to £1m more could be raised via a retail offer that closes on 19 April. This will strengthen the balance sheet and provide cash to finance current contracts and commercialise the laundry technologies developer. The first royalty income could be received in the second half of 2024. EBITDA breakeven could be achieved before the end of the year. The share price is 13.5% to 1.6p.

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Empyrean Energy (LON: EME) non-executive director John Laycock acquired 3.1 million shares at 0.6362p/share. Even so, the share price slipped 7.69% to 0.6p.

Macquarie has converted £500,000 of convertible bonds into shares in SkinBioTherapeutics (LON: SBTX) at 6.592863p/share. The 7.58 million shares will be purchased by existing shareholders. That leaves £890,000 of convertibles. The conversion comes after a rise in the share price over the past fortnight and it fell back 9.3% to 9.75p.

Alliance Pharma (LON: APH) has delayed its 2023 results from 9 April to 23 April because of delays to the audit. The share price dipped 4.1% to 36.825p.

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