A round up of today’s AIM listed movers
Enteq Upstream is up 18% to 22.5p following the announcement it has made gains into international market share, with sales to a mainland Europe based customer, as well as a new China based partner. The company also noted that the Rocky Mountain oil producing regions have seen an increase of approximately 20 drilling rigs in the second half of 2018, of which it has managed to capture nearly 50% of the rig growth, with more expected in 2019. The company also appointed Andrew Law, who previously served at Schlumberger and KPMG, as new director of international sales.
Summit Therapeutics is up 19% to 27.5p following the announcement that $25m of shares were approved for a private placement, which start trading on 09/01/2019. The funds will extend the company’s cash runway through 31 January 2020 and support the firm’s activities in antibiotic innovation for infections caused by C. difficile, N. Gonorrhoeae and ESKAPE pathogens. The subscription was made by a seasoned healthcare entrepreneur and investor, Mr. Robert W. Duggan.
Codemasters is up 11% to 180p after the announcement it entered into a joint development agreement with NetEase, one of China’s leading internet and online game services providers, to develop a new mobile game for the global market. The company is to receive a minimum of $8m in revenue over the next three years, with total lifetime revenue dependent on sales performance generated by profits on the game. $4m is expected in the current financial year, pushing EBITDA to be ahead of expectations.
WANdisco is up 7% to 546p after the company announced the launch of a new joint engineered solution with IBM. The solution is the first time WANdisco’s technology will be applied to SQL data, to support relational database technology, which aims to help the firm to address untapped data requirements, significantly expanding the Group’s addressable market. The company also revealed that royalty percentages with IBM increased to 50% (up from 30%), with an agreed annual royalty commitment.
Accrol Group is down 40% to 12.7p after the release of a trading update which revealed that rising input costs and foreign exchange volatility has impacted profitability. It also reported that macro-economic headwinds could potentially contribute a total of c£8.5m additional costs, as well as an overall turnaround plan resulting in £8m of exceptional costs for FY19. On a positive note it said trading was in line with expectations, with fundamentals of the business growing stronger after the turnaround.
Footasylum is down 15% to 27.5p after the release of a poor trading update, the company stated that FY19 gross margin will be lower than anticipated as a result of higher than expected levels of promotional and clearance activity. It also saw “the most difficult trading conditions seen in recent years” as a result of UK economic uncertainty and weakening consumer sentiment.