Small caps round-up: LonZim, Lees Foods, blinkx ...

Zimbabwe-focused investment company LonZim said it is well-placed to benefit from any upturn in the southern African country's economy after investing in several sectors in the six months to February 28.The company posted a pre-tax loss of £911,000 as it invested in telecoms, aviation and hotel sectors."We are positive that the investment potential in Zimbabwe remains strong and that Zimbabwe has a very bright future as it looks to re-establish its presence as one of the major economies on the African continent," said chairman David Lenigas.Scottish cake and sweet supplier Lees Foods saw profits fall sharply in 2008 as it felt the impact of the collapse of the retail chain Woolworths and high raw material, power and distribution costs.Underlying pre-tax profits fell to £402,000 from £721,000 the previous year even as turnover climbed 8% to £16.1m."The fall in profits was primarily a result of a bad debt provision of £69,000 which was owed to the company by Woolworths and a significant increase in raw materials, power and distribution costs," Lees said.The board is recommending the dividend be maintained at 6.7p a share.Video search engine specialist blinkx has signed an agreement with US sport site FOXSports.com to add almost 1,000 video clips of sporting contests to its searchable video library. Globus Maritime saw gross revenues of $11.8m against $24m in the same period last year, while EBITDA was $7m against $18.8m.AIM-listed Africa-focused gas company Gasol has successfully raised £1m through a placing of shares with two of its principal shareholders, African Gas Development Corporation and Afren.Shares in Vyke Communications were marked lower Wednesday after the company said it issued 0.26m shares to settle supplier invoices totalling 1.75m Norwegian kroner. The newly issued shares represent 0.4% of Vyke's existing issued share capital.Smoker's cough treatment specialist Synairgen has raised £6.35m through a placing and subscription at 17p per share. The proceeds will finance two planned Phase IIa inhaled interferon beta studies in asthma and COPD.Bus maker Optare slipped into a loss £12m in 2008 reflecting costs of integrating two new businesses in difficult trading conditions. Turnover for the year was £49.2m (pro forma £82.4m) and loss from operations was £4.0m (pro forma £3.0m). Programme maker Shed Media has appointed Heather Rabbatts, Millwall FC's executive deputy chairman, as its new chairman. Coline McConville, who sat on the board of HBOS until early this year, and Marc Watson, from BT, are also joining as non-execs. Celebrity agent Formation Group saw profit before tax edge up to £1.83m in the six months ended 28 February from £1.76m a year ago on revenue from continuing operations of £18.8 versus £12.8m last time.The shares rallied yesterday after the group, whose clients include Simon Cowell and TV presenters Ant and Dec, confirmed it has received indications of interest from private equity group Gresham over 'certain parts' of the business. IFA Cavanagh's underlying profits fell to £779,000 (2007: £1.61m) on revenue of £17.5m (2007: £16.6m)in 2008. " Against a backdrop of what has probably been the most volatile period experienced in the financial markets since the 1930s, I consider this to be a satisfactory performance," chairman Paul Sinnet said.Powered glass specialist Romag posted an underlying loss of £1.3m in the half -year to March in what the company describes as the toughest conditions it has seen for 60 years. Unless conditions turned in the next few weeks it is unlikely it will be able to repeat the strong performance in sales and profits achieved in the second half of last year. Interim sales were 12% down at £10.2m, though a £2.7m currency hedging gain enabled it post a £1.1m profit.