Small caps: CNC, Ithaca, Paragon Diamonds...

Precision engineering specialist CNC Technology saw profits fell 17% last year to £2.32m, but the second half was much stronger. Sales fell 2% to £12.6m. "Trading conditions in the defence sector remain strong and we continue driving some of our products into military equipment aimed at countering the threat of improvised explosive devices," CNC said, adding "We expect a significant increase in sales in the first half of the current year compared to the same period last year."North Sea oil group Ithaca does not expects to pay additional tax from the Budget due to its $215m of tax losses. No taxes are likely to be payable for at least the next five years, Ithaca added. Paragon Diamonds' second diamond sale comprised 1,594 carats sold at an average value of US$335/ct generating US$534,500. Larger stones are being retained in anticipation of higher future diamond prices, while 4 new special stones totalling 69 carats (of 30.5, 15.6, 11.5, 11.0 ct stones) were independently valued at US$200,000.Weatherly subsidiary Ongopolo Mining has entered into an additional forward sales contract with Louis Dreyfus Commodities Metals. Weatherly now has contracted forward sales for a total of 3,375 tonnes of copper in three tranches at a weighted average price of US$9,560/t of copper. This represents approximately 34% of planned production up to September 2012.