Aim movers: Tremor International downgrade and RUA near to clinical trial design agreement with FDA

Programmatic advertising services provider Tremor International (LON: TRMR) is the worst performer of the day. The share price has fallen 18.3% to 357.2p. That is less than 50% of the price when Tremor joined Nasdaq one year ago. Second quarter revenues declined, and operating profit was 27% lower at $15.5m. The six months revenues are slightly ahead but operating profit is lower. Share issues have led to a much sharper decline in earnings per share. Advertisers such as car manufacturers have been postponing spending because of a shortage of supply. There has also been a focus on lower margin business. finnCap has lowered its 2022 earnings forecast from 71.6 cents a share to 64.9 cents a share and it expects a decline in revenues and profit compared with 2021.

Even though broker Singer says 2022-23 revenues and profit are on track, space management software provider Smartspace Software (LON: SMRT) shares have declined 10.8% to 41.5p. Interim revenues are expected to be 46% ahead at £3.6m and annual recurring revenues are 32% higher at £5.2m. However, a change in the way that annual recurring revenues are calculated means that they will be lower than previously forecast at the end of the year. Net cash was £2m at the end of July 2022. A full year loss of £2m is forecast.

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The Edenville Energy (LON: EDL) share price has fallen 10.8% to 12.25p after the announcement of a 12-month production agreement with Brahma Energies for the Rukwa coal project in Tanzania. All the coal produced will be sold to local buyers introduced by Brahma. Edenville will get $10/ tonne of coal sold at $35/tonne and 60% of revenues above that selling price. A minimum of 4,000 tonnes of washed coal will initially be produced each month and that could rise to 6,000 tonnes if plant improvements are carried out. Rukwa should be cash flow positive after two months.

Shares in RUA Life Sciences (LON: RUA) have been on a downward trajectory since the end of last year. Today they have bounced back 16.9% to 41.5p following the biostable polymer vascular grafts and heart valves developer’s AGM statement. IP licencing and contract manufacturing operations are trading more strongly than expected and revenues have grown by 50% in the first four months of the financial year. RUA is close to agreeing a clinical trial design for vascular grafts with the FDA.  

Ascent Resources (LON: AST) has continued its recent rise following yesterday’s announcement that it is commencing arbitration proceedings against the government of Slovenia, whose policies it claims destroyed the value of its investments in the country and stopped it producing gas. The claim is for €500m in damages, although Ascent Resources’ lawyers would get a significant chunk of any settlement. The share price is 12.2% higher at 6p. That is a 57.9% increase in the past week.

Invinity Energy Systems (LON: IES) has signed a memorandum of understanding with US Vanadium to create a US-based 50/50 joint venture to build and sell vanadium flow batteries. Arkansas-based US Vanadium produces high-purity vanadium pentoxide and electrolyte for vanadium flow batteries. There was a 9% increase in the share price to 42.5p.

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Product life cycle management software supplier Sopheon (LON: SPE) has secured a five-year contract with the US Navy worth $11.2m. This is for a range of submarine programmes. Sopheon gained certification as a supplier during June. The share price rose 4.8% to 550p.

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