Small caps round-up: Portrait Software, Intercede, Sarantel...

Customer information software group Portrait Software has agreed a £44.4m cash bid from US giant Pitney Bowes. The offer is 31p per share. The company also revealed a move back into the black in the year to March, with profits of £1.14m on sales of £15.9m.Security systems software developer Intercede saw profits for the year dive 63.8% due to exceptional costs related to a litigation case. Profit before tax was £0.5m against £1.4m in 2009, though sales rose 8.6% to £6.2m. The US and UK patent litigations involving ActivIdentity, which was settled on 23 March 2010, cost £1.5m. "Intercede continues to prove that it is a world leader in identity and credential management. This is a market that is growing each year and we are right at its heart," said the group.Sarantel, which makes high-performance antennas for mobile phones and other wireless gadgets, has won orders to supply antennas for Inmarsat's satellite phone the IsatPhone Pro.Chamberlin, which makes castings used in cars and machinery, fell into pre-tax losses in the year to March 31 as orders slumped during the economic downturn. Pre tax losses totalled £1.06m for the year, compared with a profit of £298,000 the previous year, as revenues declined to £28.24m from £39.94m. However, the performance improved towards the second half of the year and chairman Tom Brown described the recovery as 'widely established across the Chamberlin business and said he is confident of a return to profitability in the current year.Fuel cell developer Proton Power Systems has received approval and support for non-refundable grant funding in relation to projects worth in total €9.2m from the National Innovation Programme of the German Government and has secured a bank facility of €2m for advances against the grant income.Asbestos removal specialist Silverdell swung recovered strongly in the half-year to March, with profits of £569,000 against losses of £6.7m. "We remain positive about the group's outlook, although the overall economy will continue to be challenging. The order book is strong at £60m with £20m booked for the second half of 2010".Bus maker Optare has followed up the contract with Greater Manchester Integrated Transport Authority with the repair and maintenance contract, worth up to £1.9m, to provide in-service support for these buses.