(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.
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AIM - WINNERS
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ECR Minerals PLC, up 13% at 0.28 pence, 12-month range 0.19p-0.55p. Turns to Argonaut PCF Ltd to assist the firm in its aim to realise value from the AUD75 million, around GBP39.5 million, of tax losses through the potential sale of certain of the company's Victorian assets which carry those losses. "Argonaut is an Australian based investment banking and corporate advisory firm focused on the natural resources sector with offices in Perth and Sydney," ECR says. ECR notes its tax losses are held within Mercator Gold Australia Pty Ltd and have been incurred since 2006. "The market for transferring tax losses is understandably very specialist and relatively small. However, it would be an understatement to say that the potential value of tax losses that we are carrying within MGA could be significant to ECR," Chair Nick Tulloch adds.
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Mercia Asset Management PLC, up 3.6% at 32.11 pence, 12-month range 21.00p-36.00p. The alternative asset manager reports assets under management at its March 31 year end climb to GBP1.82 billion from GBP1.44 billion. Revenue in the year improves 18% to GBP30.4 million from GBP25.9 million. However, it swings to a pretax loss of GBP8.2 million from profit of GBP2.4 million. Hurting its bottom line, it reports a GBP17.3 million hit from the fair value movement in direct investments, compared to a boost of GBP1.2 million a year prior.
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AIM - LOSERS
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Shoe Zone PLC, down 17% at 126.00p, 12-month range 120.00p-294.00p. It cuts profit guidance for the second time in three months blaming rising shipping costs and weak spring sales. As a result, Shoe Zone now expects adjusted pretax profit for the financial year ending October 2 to be not less than GBP10.0 million. In May, it had lowered its profit forecast to GBP13.8 million from GBP15.2 million. In financial 2023, the company reported pretax profit of GBP16.2 million.
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By Eric Cunha, Alliance News news editor
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ECR Minerals (ECR)
Mercia Asset (MERC)
Shoe Zone (SHOE)