SMALL CAP MOVERS: Audioboom hits wrong note with 34% slump; Newmark soars after cutting losses
Starting off with one of the weeks top losers, podcast platform Audioboom saw its shares dive 34 per cent as a botched acquisition blew a hole in its finances.
The firm said the 'abortive' takeover attempt of technology company Triton Digital had incurred various costs including a £700,000 break fee which had dropped down into the bottom line.
As a result, Audioboom said its losses for the year would be higher than previously thought.
Shock waves: Podcast platform Audioboom saw its shares dive 34% as a botched acquisition blew a hole in its finances
Following behind was oiler Argos Resources, which slumped 22 per cent after its two partners in the North Falkland basin pulled out.
Argos holds a five per cent stake in licence PL001, but Noble Energy and Edison International, which own the remaining 95 per cent interest, have said they plan on exiting.
At the other end of the scale, top weekly riser Newmark Security rocketed 62 per cent after cutting its pre-tax losses for the year by more than half.
The narrowed loss, despite flat revenues, followed the completion of development work on one of its new platforms, Sateon Advance, which reduced costs for the year.
Meanwhile, measurement and testing equipment maker AB Dynamics climbed 15 per cent over the five days after saying its profits for the full year would 'significantly exceed' market expectations.
The uptick in earnings was down to increased sales of AB’s track testing products, which are used in the development of self-driving cars.
Speaking of driving, the AIM All-Share index rolled downhill over the week, falling 28 points to 1,073.
The FTSE 100 was also on the descent, albeit on a steeper slope, and was down 124 points at 7,371.
Hammer blow: Oiler Argos Resources slumped 22% after its two partners in the North Falkland basin pulled out
Back in the fallers, Mayan Energy was on the slide after the resignation of its chief executive sent shares tumbling 12 per cent over the week.
The oil and gas firm said Eddie Gonzalez’s resignation would take place with immediate effect, with executive chairman Charlie Wood stepping into the role as interim CEO.
There was better news for e-sports group Gfinity as it clinched a deal to become the official operator of the ePremier League video game tournament, causing shares to rise 7.8 per cent.
The ePL starts in January 2019 with every Premier League clubs represented, giving UK-based players the chance to compete for and represent their favourite team for the first time ever in competitive gaming.
Elsewhere, software firm Intercede Group jumped 27.5 per cent after forecasting ten per cent growth in revenues for the first half.
Safe bet: Top weekly riser Newmark Security rocketed 62% after cutting its pre-tax losses for the year by more than half
The cybersecurity company added that it expected its operating losses to be 'substantially reduced' to less than £1million compared to a £3.1m loss a year ago.
At the very top of the losers was digital content firm Big Sofa after a rights issue with a very (very) discounted price tag sent its shares plummeting over 50 per cent in the week.
The shares, issued on Monday at 3p a pop, were priced at less than half of what they were trading at on Friday the previous week.
Seeing more success was turnaround specialist Volvere after it sold its automotive consultancy, Impetus Automotive Ltd, to MSX International Ltd for £31m, with shares jumping 21 per cent in response.
Following the disposal, Volvere will focus on developing its remaining investments, including food manufacturing business Shire Foods and CCTV software firm Sira Defence & Security.
- Audioboom Group Share Price | This is Money
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- AB Dynamics Plc Share Price | This is Money
- Mayan Energy Limited Share Price | This is Money
- Gfinity Plc Share Price | This is Money
- Intercede Group PLC Share Price | This is Money
- Big Sofa Technologies Group Plc Ord 3p Share Price | This is Money
- Volvere PLC Share Price | This is Money
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