AIM movers: Weak telecoms market for Calnex Solutions and Naked Wines improves cash

Online wine retailer Naked Wines (LON: WINE) says 2023-24 revenues were 13% lower at £290m, compared with a 18% decline in the first half. Underlying operating profit was £5m, although asset impairments, US inventory provisions and other exceptional costs mean that there will be a reported operating loss of up to £18m. Net cash was better than expected at £20m with inventory reduced. The share price recovered 10.6% to 57.5p.

Oracle Power (LON: ORCP) says that its joint venture has been granted an extension of the letter of intent from the Sindh government for the development of a 1.3GW renewable energy power plant. It is extended until 23 January 2025 and depends on an extended bank guarantee of $600,000. The share price rose 7.89% to 0.0205p.

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FIL has increased its stake in IG Design (LON: IGR) from 5.11% to 10%. The recovery in the share price of the gift wrap and stationery products supplier continues and it is 9.25% higher at 224.5p. The highest level since early 2022.

Genomic tests developer Oxford BioDynamics (LON: OBD) is partnering with The London Clinic in Harley Street for the use of the EpiSwitch prostate screening and CiRT tests in the newly opened Rapid Diagnostics Centre. The share price improved 2.89% to 7.82p.


Telecoms testing equipment supplier Calnex Solutions (LON: CLX) reported 2023-24 revenues two-fifths lower at £16.3m and it fell into loss. The final dividend was maintained at 0.62p/share. The telecoms market remains subdued, and Calnex Solutions is moving into new markets, such as defence. The distribution agreement with Spirent ends in July, but management is advanced with its plans to replace this source of income. Net cash declined to £11.9m because of higher inventory levels and capitalised R&D. A return to profit is expected this year and the cash level should be maintained. The share price fell 11.2% to 55.5p.

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Premier African Minerals (LON: PREM) has raised £1.25m at 0.16p/share to finance the Zulu lithium and tantalum project. There have also been £1.57m of shares issued to contractors to pay invoices. Management says that ore grades consistently exceed the resource estimate, but there are continuing problems with the ore sorter. Average cost per ton is expected to fall below $800 next year. The share price dipped 8.99% to 0.162p.

Scientific instruments manufacturer Judges Scientific (LON: JDG) says that there is unlikely to be a material revenues contribution from coring contracts at the Geotek subsidiary. The potential contract is unlikely to commence until near to the end of 2024 and then make a significant contribution in 2025. Trading is subdued against tough comparators. WH Ireland still expects a full year pre-tax profit of £33.8m, although that assumes a stronger second half. The share price is 8.58% lower at £106.50.

Watkin Jones (LON: WJG) says full year operating profit is likely to be £15m, which is the lower end of the guidance range. The student accommodation and rental property developer returned to profit in the first half to March 2024. Revenues rose from £153.9m to £175.1m. There is no dividend as cash is conserved. Borrowings have been reduced and net cash is £44m.  The share price slipped 7.88% to 49.375p.

Shoe Zone (LON: SHOE) traded in line with expectations in the first half. The retailer is improving its margins. Lower transport costs are partly offsetting wage rises. Interim revenues were 1% higher at £76.5m and pre-tax profit flat at £2.5m. The interim dividend was maintained at 2.5p/share. A greater proportion of revenues are coming from online sales as store numbers decreased. Full year pre-tax profit is set to fall from £16.5m to £13.8m. The share price declined 6.76% to 172.5p.

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