Small caps round-up: Commoditrade, Handmade, Hydrogen...

Commodity investor Commoditrade narrowed full-year losses to $14.7m from $40.9m in 2008, although revenue sank to $20.1m from $31.1m despite an improvement in the second half."As a result of the significant changes made during the last year, Commoditrade is in a much stronger position to grow revenues in 2010," it said. "We are also pleased to report that the trading performance of the LME floor in the first quarter of 2010 has improved as trading conditions in base metals have returned to more normal levels compared to the same period last year."Almorah will make a mandatory offer for film company Handmade. Almorah today acquired 92m shares, which represents 39.68% of the company, at 1p each from Cartier. The group is now required to make a mandatory offer for the remaining shares. Handmade will be offered 1p in cash for each share.Professional recruitment business Hydrogen expects operating profit for the year ended 31st December 2010 will be ahead of market expectations. "The business has maintained a strong platform in uncertain markets and I am pleased that the actions we have taken to strengthen the group are beginning to be reflected in the progress we have made so far this year," said executive chairman Ian Temple.Copper miner African Eagle said pre-tax losses fell to £1.18m from the £5.4m posted last year. "It has been a frustrating year for the board and management as the share price continues to languish despite the growing value of our assets," said chairman Wuan Worthington. "I expect 2010 to produce further positive developments which will finally give us recognition in the eyes of the investment community."Betting firm Praesepe saw losses narrow to £0.7m from the loss of £1.6m last year, while revenue rose to £11.9m from £4.5m. "We believe that revenue growth will be further underpinned by an increase in stakes on Category B3 machines later in 2010, which will come as a result of the current review being undertaken by the Gambling Commission and the Department of Culture Media and Sport," said the group.Another online gaming firm, Devilfish, saw losses narrow to £229,000 from £362,000 for the half year as revenues hiked to £476,000 from £237,000 before.Insurance firm FBD Holdings said while the economic uncertainty remains, volatility has reduced significantly in the Irish economy. "Barring exceptional claims events, the Board believes that the Group will deliver 2010 operating earnings per share in line with the consensus of analysts' expectation," it said.Pressure sensor maker Transense posted good gains after it announced its subsidiary, Translogik Limited, signed a distribution agreement with RFID Chile. Miner Mariana Resources also posted gains after it announced that drilling was underway at Perro Chico IOCG Project in Northern Chile.Industrial action, power disruptions and pot hole conspired to bring about a sharp fall in output at Platinum Australia, which mines for the precious metal in South Africa despite its name.The company produced 72,328 ounces of the precious metal in the three months to March 31, down from 160,000 over the same period a year ago, which is unfortunate given the rally in platinum prices.A fourfold jump in revenues could not prevent drug development technologies group Avacta posting bigger losses in the six months to January 31.The company posted a pre-tax loss of £1.19m, compared with £1.06m over the same period the previous year, as revenues soared to £894,000 from £203,000.South African coal miner Bisichi Mining had a much tougher second half to 2009 due to the strength of the South African rand and the general decline in coal prices. Nevertheless, profit before tax for 2009 rose to £5m from £2.1m on revenue that climbed to £29.02m from £25.98m. The company ended the year with no debt and £7m in cash in the bank. Energy efficient solutions provider Pursuit Dynamics is to raise £10m through a placing of 4m new ordinary shares at 250p each. Funds from the placing will be used to accelerate the development of the company's core product lines.