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Highlights:
- Pan African and Cohort Lead the Winners: Pan African Resources and Cohort PLC emerged as AIM-100’s top gainers, with 100% share price increases driven by gold production and defence contracts, respectively.
- Victoria and YouGov Top the Fallers: Flooring giant Victoria and polling company YouGov saw the steepest declines, hit by weak demand and disappointing data performance.
- AIM Faces a Shrinking Pool: The AIM all-share index dropped 6.5% in 2024, with the number of companies falling below 700 for the first time since 2001.
London’s Alternative Investment Market (AIM) experienced a challenging 2024, with the AIM all-share index down 6.5% and the total number of listed companies falling below 700 for the first time since 2001. While the broader market faced headwinds, a few companies shone brightly, delivering strong returns, while others struggled under market pressures.
The Winners: A Year of Success for Select AIM-100 Companies
Pan African Resources and Cohort PLC: The Standouts
Pan African Resources and Cohort PLC shared the title of AIM-100’s top performers, each doubling their share price in 2024.
Pan African Resources benefited from gold's record-breaking run earlier in the year. With production capacity exceeding 200,000 ounces annually and the acquisition of Tennant Consolidated Mining, the company is well-positioned for further growth in 2025.
Cohort PLC capitalized on rising geopolitical tensions, securing significant defence contracts, including deals with NATO and the UK government. The company reported a 69% surge in interim operating profit to £10.1 million and highlighted a record order book valued at £541.1 million.
Other Notable Winners
- Nexxen International Ltd: The advertising technology firm posted a 95.3% gain, fueled by a swing to profitability in its third quarter and its competitive advantage in artificial intelligence.
- Griffin Mining Ltd: With record first-quarter production at its Chinese Caijiaying Mine, Griffin achieved a 68% share price increase, driven by strong operational performance.
- LBG Media PLC: Known for its LADbible brand, LBG benefited from increased advertising spend during the Euro Championship and Olympics, delivering a 61.9% rise in its share price. September interims showed record half-year audience figures of 494 million and a £7.1 million pre-tax profit.
The Losers: Challenging Times for AIM’s Underperformers
Victoria PLC: A Legacy Business Under Pressure
Victoria PLC led the fallers, with a 78.6% drop. The flooring company struggled with a downturn in consumer spending, pushing losses to £167.8 million in the first half of its financial year, compared to £18.7 million in the prior year.
YouGov PLC: A Surprise Decline Despite Electoral Activity
Polling firm YouGov saw a 66.1% share price decline, impacted by underwhelming bookings in its consumer data and analysis segments. Despite record-breaking elections globally, the company issued a profit warning in June, which sent investors fleeing. Final results showed adjusted operating profit of £49.6 million, well below market expectations.
Other Struggles
- Focusrite PLC: The music and audio products group saw a 56.8% drop, driven by weak market conditions, shipping delays, and customer destocking. Full-year operating profit fell from £24.3 million to £5.7 million.
- Impax Asset Management Group and IQE PLC: Both companies faced challenges, contributing to their inclusion among the largest fallers of the year.
The Bigger Picture: AIM’s Shrinking Pool
While 2024 was a tough year for the AIM market, with declining listings and a shrinking pool of small-cap companies, the year was not without its highlights. Several companies capitalized on sector-specific trends, delivering strong returns and setting themselves apart in a challenging environment.
The focus now shifts to 2025, as AIM companies seek to rebuild momentum and adapt to an ever-changing economic landscape. For some, strategic acquisitions and operational improvements may hold the key, while others must navigate ongoing pressures in their respective markets.
