Winners and Losers: Mighty Kingdom tops leader board
Business
An embattled Adelaide video game company has taken top spot this week after a positive report on its first quarter performance, and investors enjoyed Argonaut’s proposed new name.
Mighty Kingdom (ASX: MKL) is once again the top Winner for the week, buoyed by solid first quarter results detailing a 38 per cent increase in revenue generated from games.
The increase represents a jump from $1.28 million in Q1 FY23 to $1.47 million in the latest quarter.
It also added that it delivered a reduction in cash outflows during the quarter, “notwithstanding the capital challenges faced due to the non-settlement of…capital obligations owed by Gamesar+ Studios”.
“The business continues to demonstrate the steps taken over the last nine months are delivering improvement in performance,” Mighty Kingdom said.
The video games company was followed by Argonaut Resources which rose after announcing a proposed name change to Orpheus Uranium Limited.
It also released its quarterly report last Monday, in which it noted its intention to “concentrate future exploration activity to the uranium assets in South Australia and the Northern Territory”.
Mining technology firm Chrysos Corporation, which jumped 15 places to 17 on this year’s South Australian Business Index, was number five this week after it unveiled a global partnership with Canada’s Barrick Gold Corporation to deploy its tech across US mine sites.
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In third was Indiana Resources while Southern Gold was fourth.
Of the Losers, LBT Innovations topped the list after suffering a 20 per cent dive, followed by Koonenberry Gold which delivered drilling results from its northwestern New South Wales Bellagio Gold Project.
Nova EYE Medical (94 on the South Australian Business Index) landed in the Losers list this week too after emerging from a trading halt imposed because of news about US Medicare reimbursement for certain procedures. The company said it did not expect an impact on sales of its glaucoma surgical devices, but its iTrack portfolio may not have reimbursement coverage for one specified surgical technique.
The list was rounded out by Resolution Minerals and Anatara.
The full list of Winners and Losers for the week ending 3 November:
Data compiled by Baker Young Limited.
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