While the enterprise pages this week have been dominated by information that Deutsche Bank shall be slashing its worker numbers, one of AIM’s large hitters, ASOS, additionally appears to be sharpening its redundancy axe.
Press experiences emerged on Sunday that the web clothes large and former ‘King of AIM’ was seeking to serve P45’s to round 100 workers at its London workplace, most of that are anticipated to return from its advertising and marketing division.
The chatter round a jobs cull follows a tough yr to date for the e-commerce large, which reported an 87% drop in first-half earnings in April amid rising warehousing prices, savage discounting and a struggling retail atmosphere.
ASOS could also be sharpening its redundancy axe
Investors, nonetheless, appeared to shrug off the hypothesis, with the shares rising 1.four% within the week to 2,644p.
Elsewhere on the junior market, Neil Woodford received some excellent news (for a change) after Mercia Asset Management, which his Woodford Patient Capital Trust (PCT) had beforehand bailed out to enhance its liquidity, rose 2.eight% to 33.1p over the week after a robust set of ultimate outcomes that noticed earnings rise 62%.
There was additionally some good funding information throughout the week for a trio of AIM-listed backers of social purchasing platform WeShop after it boasted of “considerable momentum” in its second quarter.
The information despatched shares in Vela Technologies up 14.three% to zero.1p whereas fellow buyers Primorus and Two Shields climbed 26% to zero.1p and 33% to zero.2p respectively.
One of the week’s greatest risers was biotech agency Redx Pharma, which rocketed 92% greater to 12p after promoting one of its most cancers analysis programmes to US-based Jazz Pharmaceuticals in a deal price as much as $203 million.
Among the miners, GCM Resources bounced 9.5% to 23p after securing a partnership with two Chinese energy corporations to develop a coal and energy mission in north-west Bangladesh.
Elsewhere, Xeros Technology surged 55% greater to 10.2p as it obtained a patent for a filter that captures microplastic particles shed by washing garments as half of an effort to cut back plastic air pollution.
Fellow tech agency CyanConnode additionally jumped 17.6% greater to six.4p on the again of comply with up orders for its merchandise from main Indian infrastructure group Genus Power and Toshiba Information Systems (UK).
Meanwhile, small cap authorized eagle Knights Group charged four.9% greater to 280p following its maiden full-year outcomes which noticed pre-tax earnings greater than double.
Overall, the AIM All-Share index was barely moved over the week, falling zero.01% to 916.6. Although this was higher than the FTSE 100, which was down zero.27% at 7,533.
In the fallers nook, divine intervention failed to avoid wasting One Media IP Group as information that it had acquired the publishing and author’s share of revenue for Christian pop hit ‘God’s Not Dead’ was overshadowed by a 21% fall in half-year earnings. The shares tumbled 14.three% to 6p.
Investors appeared to shrug off hypothesis, with the shares rising 1.four% within the week to 2,644p.
Elegant Hotels shed 2.eight% to 68.5p after the termination of its administration contract for the Hodges Bay Resort & Spa in Antigua, nonetheless, there was one silver lining within the kind of a $1.5 million mortgage compensation.
There was no such shiny spot for consulting enterprise Jaywing, which nosedived 28.three% to eight.5p after issuing a revenue warning for the yr forward, blaming political and financial uncertainty for a sharp drop in consumer spending.
Telematics group Trakm8 hit the buffers, sinking 15.5% to 19p after its full-year outcomes revealed a swing to a loss alongside a 35% fall in revenues.
Joining the descent was gold explorer Panthera Resources, which sank 18.9% to 10.8p after a authorized dispute with the federal government of Rajasthan was delayed by the courts.
Finally, it appears like it’s going to be a busier than common summer season for London’s bankers and brokers as the quantity of inventory market listings begins to crank up after a Brexit-inspired hiatus early within the yr.
So, preserve a climate eye open for a firm referred to as Zaim Credit Systems.
The Russia-focused fintech kinds itself as a micro-finance specialist.
Here within the UK, we’d describe it as a payday loans specialist.
Word is it will take a fast-track inventory alternate itemizing someday in direction of the top of the vacation interval.