Small Cap round-up: Metalrax, Payzone, PanAndean...

Engineer Metalrax slipped into a loss of £2.5m in the half year to June reflecting difficult market conditions. However, the seasonality in some of the key businesses combined with the benefits of turnaround and cost cutting actions create a more positive outlook for the second half. Sales fell to £30m from £34.9m Payzone has sold its mobile top-up businesses in Germany, Poland and The Netherlands. Its existing terminal maintenance business in The Netherlands and its German ATM operations are not part of this transaction. The cash consideration receivable by Payzone for the three mobile top-up businesses being sold is €2.2m, while it will release deposits and financial guarantees totalling €8.9m. The businesses will be sold with cash balances estimated to be €4.4m on completion. Phibro slipped to a loss of year $7.9m in the year to June despite sales at the animal feed group rising 8% to $550m. Growth in antibiotics and other medicated products was partially offset by reduced volumes of trace minerals and other nutritional products.Oil and gas group Pan Andean's profits slipped slightly in the year to March to £980,000 from £1.2m, as sales rose to £1.85m from £1.67m. 'Our ground position in Peru and Colombia is outstanding but the large targets we are chasing are costly to drill, particularly in the deep Peruvian jungle. The first wells will be drilled in Colombia by early 2010. The deep wells in Peru will commence by the end of 2010 or early 2011, it said.Real Good Food sales from continuing operations were down 2.2% to £101.7m in the half year to June reflecting the price and volume pressures in the Sugar division. There was an overall loss of £0.89m."With further stability expected in the sugar market, improved profitability in both ingredients and bakery, we remain quietly confident regarding the remainder of the year as we move into our busiest seasonal period."Interim profits for paper manufacturer James Cropper are expected to be materially ahead of the board's expectations, the chairman James Cropper said.