AIM weekly movers: Cautious optimism at WH Ireland

AIM broker WH Ireland (LON: WHI) is seeing signs of improvement with underlying monthly profitability achieved in November 2023 thanks to cost cutting and there was cash of £6.8m. Annualised cost savings of £3.8m have been made. The underlying interim loss doubled to £1.8m with revenues dropping from £14.3m to £10.7m.  The share price jumped 64.3% to 5.75p.

Horizonte Minerals (LON: HZM) has secured a $20m interim funding package provided by major shareholders Orion, Glencore and La Mancha. Interest payments are being deferred by existing senior lenders. Management is reviewing the long-term project funding requirements for the Arafuaia nickel project. Full funding is targeted for the middle of 2024. The share price recovered 40.1% to 11p.

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Donald Hamilton has taken a 3.04% stake in MyHealthChecked (LON: MHC). The share price improved 35.9% to 13.25p.

Trading in Enwell Energy (LON: ENW) has been restored following publication of interims to June 2023. The oil and gas producer had to replace its auditor. Interim revenues slumped from $77.2m to $33.1m and pre-tax profit fell from £42.8m to £17.4m. Following a 15p/share dividend, there was cash of $33.8m at the end of June 2023. The share price rose 28.5% to 16.9p.

FALLERS

Shares in fabless semiconductor developer Sondrel (LON: SND) were hit by a trading warning that flagged delays in development and payments and a subsequent shortage of cash. Sondrel expected a £1.7m payment from an automotive component manufacturer, but this will not be received until next year. Additional resources will be required to complete the project. Directors and staff have agreed to defer salaries because Sondrel cannot afford to pay them. More capital will be required by the end of March or earlier if the delayed payments are not made as early as expected. The share price partially recovered at the end of the week, but it was still down 40.1% to 4.85p because of the fundraising concerns.

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Africa-focused agricultural company Agriterra (LON: AGTA) reported a decline in interim revenues from $4.96m to $3.58m and the loss increased from $1.35m to $1.6m. There was a cash outflow of more than $2.6m. Net debt was $12.7m at the end of September 2023. There is not enough grain in storage for the second half, so additional imports are required. The share price slumped 37.5% to 0.75p.

Tern (LON: TERN) investee company Device Authority has secured $7.3m in funding, with $4m already. The rest requires regulatory approvals. There will also be $2.1m loan notes converted into shares at the issue price. Tern had a 53.8% shareholding in the identity management technology developer and will convert $1m of loan notes. Device Authority will repay the $175,000 loan from Tern, which will have a diluted stake of 29.5% after the full fundraising. That is valued at £5.9m.  The Tern share price dipped 20.6% to 3.375p.

Autonomous drilling rig developer Tribe Technology (LON: TRYB) has not completed the latest drill rig due to technical issues and it will be delayed until the first quarter of 2024. It should be shipped to the customer by the summer. This means that revenues may be delayed until the next financial year. A field trial of the sample potting and handling system has been postponed. The 5 September placing price was 10p and the share price has declined 14.3% to 8.25p. There is £3.34m in cash left.

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