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Small caps round-up: NetDimensions, Ocean Power, Qonnectis...

Tue, 14th Jul 2009 12:59

Training software provider NetDimensions traded in lien with expectations in the first half of 2009. Cash balances at the end of June stood at $6.8m, up from $5.3m at the end of 2008. The company said its cash balance is equivalent to 16.5p in cash per share, a few pence above the current share price.Wave power specialist Ocean Power Technologies' order backlog rose to $7.5m in the year to 30 April 2009 from $5.5m a year earlier, with most of the revenue from the order book set to feed through in the next 12 months.The news offset continuing post-tax losses of $14.7m, though these were down from a net loss of $18.3m the year before. Revenue rose to $4.8m from $4m a year earlier.Cash, cash equivalents and investments fell to $81.7m at the end of April from $101.1m a year earlier.AIM-listed tiddler Qonnectis has signed a letter of intent with Primary Water to commence trials of Qonnectis's data monitoring products.Qonnectis expects successful trials will lead to a three year deal that will give Primary Water exclusive distribution rights for Qonnectis products in Australia and Russia, and non-exclusive distribution rights for all other countries in the world except the UK, Ireland and China.The distribution agreement will be subject to minimum sales volumes and will include joint funding of specific product development.Rail maintenance group Jarvis slipped into the red last year and cautioned that short-term prospects look uncertain.Group revenue in the year to March rose to £345.8m (2008: £321.9m). Underlying profit fell to 5.1m (2008: profit £7.5m), but after exceptional costs £11.4m, losses were £6.3m. Net debt fell to £21.5m from £38.8m in 2008."The current economic conditions and Network Rail's decision to delay works created a difficult trading environment in the second half of the year under review and this is expected to continue through 2009-10. The prospects beyond that appear much more promising," chairman Stephen Norris said. Sports gaming group Leisure & Gaming saw a sharp fall in its net win percentage in three months to June with no large football tournaments taking place. Amounts wagered rose to €38.5m (2008: €28.4m), boosted by poker tournament fees, earning net win of €5.2m (2008: €5.2m) at a net win margin of 13.5% (2008: 18.3%). Amounts wagered on sports betting were €16.8m (2008: €18.0m) generating a net win of €3.0m (2008: €4.8m) at a net win percentage of 17.9% (2008: 26.7%).Melrose Resources is to raise £11.2m through a placing at 250p per share. The placing shares represent approximately 4.1% of the existing ordinary shares The proceeds will be used to fund key work programme activities, including accelerating the drilling of the Kaliakra appraisal well and its Egyptian field development programme. The placing will also provide additional capital headroom while the company completes discussions with its banking syndicate regarding a potential expansion of its existing long term debt facilities. Cyprotex, the drug discovery technology and information company, said it has continued to perform well in the current year."Overall, performance remains ahead of the same period last year. Taking into account the historic seasonality of the business, which sees around 55% of revenues and a much larger proportion of profits generated in the second half, we remain confident in the outlook for the full year," said chairman Steve Harris.Asset management software specialist Statpro said it remains confident of a successful outcome for the year as market conditions in the fund management sector appear likely to remain stable for the second half.Shares in Centamin Egypt rose after it announced an increase in the Measured and Indicated resource of approximately 520,000oz or 6%
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22 Aug 2012 09:40

Melrose Resources hit by Egyptian performance

A drop in production at its Egyptian assets has seen oil and gas player Melrose Resources deliver half year revenues down year-on-year. Turnover for the six months to the end of June was $128m against $156m at the same point in 2011. Profits before tax came in at $52.1m versus $61.8m in the prior

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17 Aug 2012 11:28

Petroceltic makes bid for Melrose Resources

Oil and gas group Petroceltic International has launch a recommended bid for its sector peer Melrose Resources, which has assets in Egypt and Bulgaria. Under the deal, which would double AIM-listed Petroceltic's operations, Melrose shareholders will receive 17.6 new Petrolceltic shares for every Me

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12 Sep 2011 09:37

Colfax offers 910p a share for Charter International

Shares in engineer Charter International jumped after it revealed that Colfax, the US manufacturing group that was earlier this month named as a mystery bidder for Charter, is considering making a 910p a share offer. Colfax - which supplies fluid-handling products including pumps, fluid handling sy

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17 Aug 2011 15:01

Melrose Resources lowers 2011 production estimate

Shares in Melrose Resources fell back after the oil and gas group cut its full-year production forecast following some problems at its Egyptian operations. The company now expects to produce 36m barrels of oil equivalent a day over 2011, down from a previous estimate of 40.5m. In the six months to

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12 Aug 2011 09:33

Melrose Resources plugs Bulgarian well

Shares in Melrose Resources fell back after the oil and gas group said had plugged and abandoned its Kaliakra East-1 exploration well in the Bulgarian Black Sea after the reservoir interval was found to be eroded. Nevertheless Melrose is pressing on with exploration of the Galata Block, where the w

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1 Jul 2011 16:06

Enquest chief exec spends more millions

Enquest's chief executive Amjad Bseisu has been increasing his stake in the FTSE 250-listed North Sea oil and gas group, spending nearly £3m on shares. Double A, "a discretionary Trust in which the extended family of Amjad Bseisu have a beneficial interest" took about 2.44m shares at 121.6p a time

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17 Jun 2011 14:32

Standard Life boss's wife buys

Caroline Nish, the wife of Standard Life's chief executive David Nish, has taken more shares in the insurer, spending £100,000. She took 49,335 shares at 201.4p a pop and now has 620,744. In a trading update in April, David Nish said Standard Life had a good start to 2011. "Strong sales across ou

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6 May 2011 14:28

Melrose Resources cuts production guidance by 8%

Oil and gas group Melrose Resources has cut its full-year production guidance by 8% after disappointments at two of its Egyptian wells. The firm now expects to produce 40.5 thousand barrels of oil equivalents per day (Mboepd) in 2011, down from its previous guidance of 44 Mboepd. The North East Ab

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10 Jan 2011 17:40

Paragon Diamonds boss takes holding to 86.5%

The chairman of Paragon Diamonds, Francesco 'Frank' Scolaro, has tightened his grip on the African gemstone group with the purchase of nearly £400,000 in shares. His Grandinex International Corporation took 1.29m shares at 30.47p a share taking Scolaro's total holding to about 123.4m shares, which

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23 Dec 2010 11:37

Small caps round-up: Forte Energy, Futura Medical, Hightex...

Forte Energy has completed a 7,000m drilling program at its A238 uranium anomaly in the north of its leases in Mauritania and a 1,500m diamond drilling program should be completed next month. "These initial results are from the first pass shallow drilling along strike, and confirm the presence of

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17 Dec 2010 12:30

Small caps round-up: CBG, GVC, Intandem...

Insurance broker CBG warned this year's revenue is likely to be lower than market forecast and as result, adjusted profit before tax is expected to be significantly below current expectations. The market background for the insurance broking division remains highly competitive and margins remain und

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18 Nov 2010 16:53

Dip in third quarter production for Melrose Resources

Oil and gas explorer and producer Melrose Resources says that its third quarter production averaged 41m barrels of oil equivalent per day (boepd) with production in Bulgaria starting after the end of the period. That figure is 6% lower than the same period in 2009 as Melrose is holding down produc

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18 Nov 2010 16:36

London close: Good day for blue chips

Blue chips had a good day buoyed by the response to General Motor's record breaking US float and hopes for a deal in Ireland. Patrick Honohan, the head of Ireland's central bank, confirmed a loan is likely, with brokers suggesting it could be as much as €85bn, including €20bn to provide support for

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