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AIM NEWS
A month of turmoil took its toll on the AIM index, which has slipped back by six per cent in the past six weeks. Several of the index’s constituents succumbed in some way to the market malaise with a glut of profit warnings in early December.
Oil industry services star Hamworthy gave up 30 per cent to fall to 460p as investors took profits, erasing most of the gains made since the start of the year. November’s interim results were generally positive despite slight margin pressure, with pre-tax profits growing 14 per cent to £6.5 million and management reporting 13.3 per cent growth in the order book to a record £304 million.
Casual dining group Clapham House surrendered 59 per cent to 134p after admitting lower sales at existing sites and a slowing of its restaurant roll-out programme on account of economic concerns. Chairman David Page declared that profits before tax, restructuring costs and share-based payments would come in 25 per cent higher than last year at £1.5 million, with the higher interest rate weighing heavily too.
London-based Mecom is now one of the largest companies on AIM, having added to recent publishing asset acquisitions with the purchase of the largest regional newspaper publisher in Holland. The shares were not immune to the negative sentiment, however, and tumbled 28 per cent to 59.5p during the month.
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