AIM movers: 7Digital reduces loss and Glantus crash
Music streaming technology provider 7Digital (LON: 7DIG) remains loss making, but the level reduced substantially in the first half of 2022. Revenues were one-fifth higher at £3.9m. Since the end of June, a contract has been signed with Utopia Music. Last week, 27% shareholder Magic Investments SA lent 7Digital £500,000 at an interest rate of 5% a year. This repayable by 1 October 2023.
Communications semiconductors developer CML Microsystems (LON: CML) says revenues in the six months to September 2022 are better than the first half of last year. There has been an additional boost from currency movements. The interim results will be published on 22 November. Full year profit should be ahead of expectations. The share price jumped 11.7% to 391p.
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Coal miner MC Mining (LON: MCM) shares have recovered by 25% to 27.5p today, following recent falls due to the A$40m rights issue announced yesterday. The share price is still one-third down on the share price when it peaked on 20 September.
Ireland-based accounts software company Glantus (LON: GLAN) warns that there will be additional operating costs in the second half and charges for the relocation of operations to Costa Rica. Revenues will also be lower than expected. This led to the share price plummeting 58% to 14.5p. Glantus is vying for the accolade of worst AIM new admission in 2021. It joined in May 2021 at 102p a share.
Investment company Vela Technologies (LON: VELA) reported an increase in net assets from £7.2m to £7.38m, including £958,000 of cash, even after a reduction in the value of the investment portfolio. However, the number of shares in issue increased after warrants were exercised, raising £1.23m. NAV has fallen from 0.052p a share to 0.045p a share. The share price has fallen 14.3% to 0.0225p, which is 50% of the March 2022 NAV, but some of the investments have fallen further in value.
Online fashion retailer boohoo (LON: BOO) reported a 10% dip in interim revenues to £882m. That was after taking account of returns. The biggest decline was in the US. Higher logistics costs hit profit. Pre-tax profit fell from £638m to £6.2m. Zeus expects a continued decline in revenues and has cut it 2022-23 pre-tax profit forecast from £44.3m to £1.1m. There has been a recovery in in the boohoo share price which is 2.5% lower at 35.8p, having been around 31p earlier in the day.
Other online fashion retailer shares also slumped following the boohoo results with Quiz (LON: QUIZ) down 15.3% to 10.225p, In the Style (LON: ITS) down 15.1% to 22.5p and Sosandar (LON: SOS) is 7.58% lower at 15.25p.
