News blog
AIM 50 Digest 30 August 2024
- BY: Andrew Hore |
- POSTED: 31/08/2024 |
Ticketing technology supplier accesso Technology (ACSO) has downgraded its full year guidance for revenues of at least $160m to a range of $150m-$153m. New projects in the Middle East have been delayed and milestone payments have not been recognised. That should happen next year. Trading volumes were also weak during July. Net cash was $23.3m at the end of July 2024. Costs are being lowered. Finance director Fern MacDonald died earlier in August. The company has commenced a share buyback programme worth up to £4m. These are shares will be cancelled.
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Online marketing and domain name services provider Team Internet (TIG) announced a maiden interim dividend. The 1p/share interim dividend is dependent on bank approval. Last year’s final dividend was 2p/share, but do not assume that this year’s total will be 3p/share. There is likely to be a more modest increase in total dividend. Zeus forecasts a full year dividend of 2.2p/share. Group interim revenues were 3% ahead at $409.7m, while pre-tax profit was 8% higher at $14.4m. The initial benefits of share buybacks increased earnings by 12% to 10.7 cents/share. The company continues to grow organically, supplemented by acquisitions, and this is being achieved in a tough advertising market.
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Managed services provider Redcentric (RCN) improved full year revenues from £141.7m to £163.2m, but pre-tax profit declined from £5.1m to £4.2m. The dividend is maintained at 3.6p/share. This was a period of completing the integrating past acquisitions. Net debt is £39.6m, but it is forecast to fall to £5.7m at the end of March 2027, helped by declines in capital investment.
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In the year to April 2024, ITM Power (ITM) generated revenues of £16.5mand the pre-tax loss was reduced from £101.2m to £27.1m. Net cash is £230.3m. Following the results, Zeus cut its 2024-25 forecast revenues from £36m to £20.6m, while the loss would rise to £36.9m. that is due to customer delays. Cash could be more than £163m and may still be £88m by the end of April 2026.
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Alaska-focused oil and gas explorer Pantheon Resources (PANR) has secured a rig to drill the Megrez-1 well in Ahpun in September. This is estimated to have a 69% chance of success. Fees have been paid on leases. Michael Spicer was diluted from 8.11% to 6.99% following the recent fundraising.
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Peel Hunt has been appointed nominated adviser and joint broker of Gamma Communications (GAMA) and Deutsche Numis is joint broker.
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Big Technologies (BIG) chief executive Sara Murray 100,000 shares at an average of 107.5p each. She owns 26.5%. Chief executive Mark Radcliffe sold 2.7 million Victorian Plumbing (VIC) shares at 100p each. He still owns 47.7%.
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