AIM movers: Safestay occupancy recovers and Baron Oil disappoints

Hostels operator Safestay (LON: SSTY) generated higher than expected revenues in 2022 as occupancy levels continue to rebuild reaching 63%. There are Safestay hostels across Europe in cities, such as Barcelona and Pisa. Revenues were £19m, compared with a forecast of £17.9m. A small pre-tax loss is forecast with a move back to profit expected this year. The share price jumped 27.5% to 25.5p, which is the highest it has been for nearly three years.

Diagnostics tests developer Abingdon Health (LON: ABDX) says interim revenues fell from £1.7m to £1.1m but second half revenues will be significantly higher. Abingdon Health has broadened its customer base. There is £4.4m in the bank. Breakeven could be achieved during 2024. The share price recovered 15% to 5.75p.

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Online brand protection services provider Brandshield Systems (LON: BRSD) increased annual recurring revenues by three-fifths to $8.42m, with client numbers almost trebling to 183. More than two-thirds of customers are in North America. The trading statement says that reported 2022 revenues are 55% ahead at $6.39m, but there will be a significant loss. Shore expects 2023 revenues of $9.4m and a reduced loss. The share price moved up by 13.7% to 5.8p, but it is still near to its low since Brandshield reversed into Two Shields Investments.

WH Ireland has upgraded its 2023 forecasts for LifeSafe Holdings (LON: LIFS) after the fire safety products supplier published a full year trading statement. The 2022 revenues were £3.9m, having been £1.3m at the interim stage. US sales are accelerating. The 2023 forecast revenues have been raised from £5.5m to £6.5m with a slight reduction in the loss to £400,000. The share price reached a new low on Monday but is 12.1% ahead at 37.5p.

Baron Oil (LON: BOIL) has published the competent person report on the 75%-owned Chuditch gas project, which shows lower than expected prospective resources. Even so, Allenby believes that the 1.1tcf contingent resource for the Chuditch-1 discovery underpins the potential and it has increased its risked valuation of Chuditch to 1.027pa share. Baron Oil has until 18 June to make a drill or drop commitment. The share price fell 15.1% to 0.175p.

Super capacitors developer CAP-XX Ltd (LON: CPX) has been hit by supply problems and destocking. Interim revenues fell by one-third and the second half recovery will not be as strong as previously thought. Cenkos has cut its 2022-23 forecast revenues from A$8.33m to A$4.18m and slashed its estimate for next year. CAP-XX is expected to move to a net debt position by June 2023. The share price is 10.2% down at 2.65p – a new low for the year.

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Beowulf Mining (LON: BEM) says there was a 73.5% take up of its rights issue, which raised £5m. This is on top of the £1.4m raised in a placing and PrimaryBid offer at 2.06p a share. The share price fell 9.89% to 2.05p. There was £1.78m in the bank at the end of December 2022, but also £1.85m of borrowings. The cash outflow from operations and investing in 2022 was just over £3m.

Block Energy (LON: BLOE) has started testing on the WR-B01Za well in the West Rustavi / Krtsansi field in Georgia. Data indicates a good reservoir containing oil and significant gas. Even so, the share price declined 9.52% to 0.95p.

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