Small caps round-up: Best of the Best, IdaTech, MAM Funds ...

Luxury car competition company Best of the Best said trading in the six months to the end of October was in line with market expectations.New competition structures with a broader appeal have been introduced to assist in the growth of the online business, the company said, while the company is also in the process of expanding the range of competitions to reach a wider audience. Fuel cell developer IdaTech sold more than 350 systems in 2010, 280 of which were sold at a positive gross contribution margin (2009 9 units). Revenue from product sales dipped to $4.1m from $4.5m the year before.The order pipeline at the end of the year was $1.6m, up from $0.8m at the end of 2009, representing 84 units, primarily all higher value reformed systems. With the launch of the ElectraGen ME, the company believes demand will increase over the next year, with the rate of increase dictated by the speed with which customers certify the new products. Initial signs are encouraging, the company said.Fund manager MAM Funds said adjusted 2010 profits from continuing operations are expected to be ahead of current market expectations.The fund management operations, while experiencing mixed performance across its range of funds, has reported net creations of £48m for the year. As at 31 December 2010 funds under management stood at £1.68bn, up from £1.51bn at the end of 2009. Research and development consultant Sagentia expects revenue for 2010 will be in excess of £20m and profit before tax in excess of £2.0m, well ahead of market expectations. Current market consensus for 2010 is for pre-tax profit of £1.71m on revenue of £18m.Tikit Group, which provides software and support services to the legal profession, said results for 2010 are expected to be in line with expectations after a strong finish to the year.The group generated a positive net cash inflow during the year, even after using £1.3m of its cash resources on the acquisitions of Carpe Diem and Pensera, reflecting the cash generative nature of its operations. Both acquisitions have been very well received by group clients and have made a small contribution to group profits. The group finished the year with a healthy pipeline of implementation work, which combined with the group's focus on recurring revenues from its support services and sales of Tikit-developed software provides the board with confidence for further growth in 2011.Shares in Bahamas Petroleum jumped after it said it had signed an agreement with the Osprey Navigation Company to conduct a survey over four of its licenses in the Bahamas.It anticipates that the survey will "define drillable prospects and resource potential in place."Shares in NetDimensions jumped after the maker of staff training software said that revenue for 2010 will be ahead of expectations.However, pre-tax profits are "likely to come in substantially below expectation due to costs relating to the scaling up of existing teams, acquisitions and the settlement of a patent infringement claim in the United States."Asia-focused gold miner Archipelago Resources has acquired a further 10% interest in the Toka Tindung Gold Project in Indonesia for $4.5m, taking its total interest from 85% to 95%. The group's major shareholder Rajawali Corpora has acquired the remaining 5% interest."The Company is very pleased with this timely pre-production acquisition which will simplify management procedures for the Indonesian operating companies and ensure that Archipelago together with its major shareholder have full control over the Project and its revenues," the group said. Production is targeted for the end of March 2011.Antenna developer MTI Wireless Edge has said that a strong end to the year will result in fourth quarter revenue being 8% ahead of the preceding three months, and 20% higher than the comparable period in 2009, at $3.8m. Forward orders for 2011 were $5.5m, more than double the $2.35m carried from 2009 into 2010. The group also expresses confidence that revenue levels in 2011 will be maintained at the run rate of the final quarter in 2010.Shares in Trakm8 rose 16% Tuesday after the vehicle software specialist announced a framework agreement award with the AA to supply a complete tracking solution for more than 2,000 of its roadside assistance vehicles.