It's a mark of Aim's vitality that even in the present climate, the new issues pipeline remains as packed as ever. During April, seven companies launched onto the market, with technology solutions group Innovision and electronics software venture OMG stealing the limelight. Innovision managed to reel in a useful £9.3 million from its fundraising while OMG pocketed £6 million. The next few weeks are set to be just as busy as a total of 19 companies are lined up to leap aboard.

Back at the coal face though, many established Aim ventures stumbled, leaving the index down at a lowly 1146.2 points.

One of the biggest strugglers during April was Internet Business Group. Investors offloaded the stock following a profits warning and IBG ended the month down 66.67 per cent at 4.75p. According to finance director Paul Douglas things are picking up gradually, although he also confirmed that profits face an additional threat from provisions against investment losses.

Private client asset management business Savoy Asset Management suffered a similar fate, as it was announced that the marketing excursions undertaken in the Middle East have not been as successful as anticipated. With trading being described as 'difficult' in the second half, Savoy's shares dropped 90p to 160p.

The warning issued by Electronic Retailing Systems was even more ominous as full-year figures suggested that the company is finding it difficult to secure long-term custom for its shelf label system. The shares tumbled 65.12 per cent to 7.5p following chief executive Bruce Failing's statement that 'it is taking longer for pilots [projects] to convert to rollouts than we originally anticipated'.

Having struggled throughout March as a result of the foot-and-mouth outbreak, agricultural technology group Genus was on the rebound. In a cautiously optimistic statement the board claimed it had acted quickly in reducing costs, and operating profits would be just £1.3 million below original expectations. Management also pointed to the fact that less than one per cent of the UK's beef and dairy cattle - an area from which Genus derives much business - had been slaughtered. The shares were propelled 68 per cent to 105p.

Along with Genus, two other support services companies had a good month. Screen, which develops advanced security and communications systems, was buoyed by the news that subsidiary Petards Mobile Intelligence had secured a first order for its 'automatic number plate recognition system'. Chairman Owen Williams commented that following the decision of Lancashire Police to adopt the system additional contracts should follow 'in quick succession'. News of the deal pushed the shares up 20p to 71.5p. Systems International, meanwhile, recorded a 40 per cent increase to 31.5p amid speculation of an acquisition.

April saw a flurry of inter-market activity as a trio of Aim's big hitters announced plans to move on and three Full List refugees lined up to replace them. Leading the band of main market hopefuls was gene therapy developer Oxford BioMedica. It listed on Aim back in December 1996 and it will move up to techMARK soon. Poor market conditions, however, dashed the company's intended fundraising plans and it will leave Aim with just £5.49 million in the coffers, instead of its hoped-for £10 million. Next to go will be printing and packaging company LTG Technologies, with chief executive Albert Klein explaining that 'the time is now right to join the main market', while heart valve manufacturer Aortech intends to bid adieu on 10 May.

Heading in the opposite direction was investment vehicle Union, which, having disposed of all but two of its businesses (its broking and fund management divisions), is now in discussions with 'an interested party', which may lead to a bid being made for the company. Early May should see the arrival of property investor Ashquay and home furnishings producer French. All three cite the greater flexibility and lower level of regulation afforded by Aim as a primary motivating factor.

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