Two contracts in a week have pushed shares in RC Fornax up 10%. The defence engineering services provider has won a six-month, £350,000 deal to provide project management support to a UK government client.
That came just days after it was picked for a £4 million contract with a different government customer.
Both were won through Public Sector Resourcing, a framework the government uses to bring in specialist outside expertise.
Defence is one of the few areas where public money is still flowing freely, even if it is not always clear when it will arrive.
What really stands out is how much of the current year's revenue is already in view. RC Fornax has around £9.1 million of secured, selected or anticipated revenue for the year to August 2027.
That is 93% of the £9.8 million forecast by broker Cavendish, whose 50p price target is nearly ten times the current share price.
AIM lags the blue-chips
Turning to the wider market, the AIM All-Share fell 1.4%, undershooting the FTSE 100, which rose 0.7% over the week.
Greenland move pays off for 80 Mile
The week's biggest winner was 80 Mile, up 125%. The Greenland-focused explorer has reworked its Jameson joint venture, with Greenland Energy Company taking over as partner and assuming sole responsibility for permits and licences.
Deadlines for drilling the first two exploration wells have been pushed back to the end of 2028. In return, 80 Mile pockets £500,000 in cash on signing.
Forgent rose 41%, and investors did not even wait for the assays. The explorer has completed 12 more drill holes at the Curley's prospect within its Peak Hill gold-copper project.
The aim is to extend a previous hit of 2 metres grading 3.68 grams of gold per tonne. That takes drilling to 56 holes across Curley's and Cathedral, with lab results pending.
Getech jumped 39% after telling investors it is well placed to meet full-year expectations, with trading momentum still positive. The subsurface data specialist pointed to a strengthening oil and gas exploration outlook and has since landed a European Commission natural hydrogen study worth more than €1 million. First-half revenue rose 15% to £2.4 million, returning it to underlying profit.
Retail software group itim rose 27% after returning to profit in the first half. Adjusted earnings more than tripled to £1.3 million on revenue of £8.6 million, while net cash climbed to £3.1 million.
Short-term pain, long-term gain
Sunda Energy is asking shareholders to swallow some short-term pain in return for what could be a much bigger long-term prize.
The shares fell 45% to the price of a £5.25 million placing at 1.5p. Existing investors can also buy in on the same terms through a retail offer of up to £525,000.
The cash will complete the acquisition of Matahio, a New Zealand oil and gas producer pumping around 1,000 barrels a day, turning Sunda from explorer into producer. It also lets the company ditch its undrawn convertible loan notes, which threatened far messier dilution.
The company says the asset generated £15 million of revenue last year and £3.3 million of profit. That would make for a swift payback, particularly at current elevated oil prices.
Orosur Mining is another case of short-term pain for potential long-term gain. The shares fell 34% after it launched a placing to raise up to £7.5 million. The cash will push ahead its Anzá exploration project in Colombia and broaden the shareholder base.
Hostel operator Safestay slumped 28% on Friday after swinging to a £1.9 million first-half loss. Adjusted earnings fell to £0.6 million from £2.1 million, and forward bookings are down 21%, reflecting a weaker consumer backdrop.
ASOS leaves the recovery ward
And finally, ASOS climbed 14% this week as the online fashion retailer finally appears to be leaving the recovery ward.
After four years of restructuring, active customer numbers grew quarter on quarter for the first time since 2022. Gross merchandise value, the total value of goods sold, returned to growth in the UK and Germany in the second half, with womenswear up 8%. Stronger margins also pushed full-year adjusted earnings towards the top of guidance.
Deutsche Bank reckons the turnaround is bearing fruit without any help from the wider market. It raised its earnings forecasts, kept its 'buy' rating and lifted its price target to 450p from 400p.
