Over the last week to Friday, the FTSE 100 fell by 100 points to 5,740 points,
whilst the AIM All Share fell by 12 points to 714. News has been somewhat
mixed with the UK economy having contracted by 0.4 per cent in the 2nd
quarter (less than the 0.7 per cent expected) though the British Chamber of
Commerce suggests 3rd quarter growth. US growth was also much weaker than
previously estimated in the second quarter, and the worries in Spain continued.
The week ahead sees Manufacturing PMI, Nationwide house price index,
construction PMI and Services PMI all being announced in the UK, together
with the interest rate decision.
3LEG Corporate update, AOL Interim results, ALK Directorate change, ALL
Trading update, CLTV Interim results, CLF Name change and new directors,
CNR Interim Results, CSLT Litigation Update EDEN Half yearly report, FITB
Interim Results, GDP Preliminary Results, GOAL Interim Results, IMM Cancer
programme and interims, JUB Loan agreement, HAWK Final results, ORCP
Unaudited interim results, OXP scale up of taste masked ibuprofen, PET
Interim Statement, PLE Interims, POS £2m Contract, RNWH Trading update,
SEE Preliminary results, SQZ 3D seismic acquisition, SVR New US HQ and
Grant of Warrant, SHEP.PL Final results, SKR Half Yearly Report, SYM
Interim Statement, TEG Interims, UFG Final results, VIY China Deal, SNCL
Trading update
September saw some fund raising green shoots in the Micro Cap segment:
The largest raises came from the Clean Technology sector: Energetix (LON:EGX)
announced that they had raised £12m, with an additional £2m available for existing
shareholders to participate, to facilitate production and market entry of the Kingston
microCHP boilers. Clean Air Power (LON:CAP) raised £3.35m to accelerate the
development programme to push their Genesis EDGE system into the North American
market. Eco City Vehicles (LON:ECV) raised £1.75m to reduce debt and boost working
capital.
In the resource sector Red Rock Resources (LON:RRR) raised £660k, 90 per cent of the
raise came from their Joint Venture partner in Greenland North Atlantic Mining Associates.
Thor Mining (LON:THR) raised the Sterling equivalent of £385k from Australian high
net worth clients, and Cambria Africa (LON:CMB) raised £860k, with Directors and the
broker taking around 46 per cent of the deal between them. Nostra Terra (LON:NTOG)
raised £1.07m in total to support the development of their Chisholm trial prospect.
Goals Soccer Centres (LON:GOAL) raised £2.8m to provide additional balance sheet
flexibility and Norish (LON:NSH), the food storage specialists, raised £385k to facilitate
the reverse takeover by Townview Foods Ltd.
600 Group (LON:SIXH) raised £1.47m and re-negotiated a £3.64m bank facility to help
with Working Capital. Manroy (LON:MAN), the defence contractor, raised £484k to
finalise remaining approval requirements relating to their MUSA operation in the US.
3Legs Resources, an independent oil and gas group focused on the exploration and
development of unconventional oil and gas, has reported that as expected, ConocoPhillips
did not give notice to exercise its option to take a 70 per cent interest in the Company‟s three
eastern Baltic Basin concessions in northern Poland, prior to the expiry of the option on 30
September 2012. It is considering its options before engaging in any operations on its eastern
concessions. Operations on its western Baltic Basin concessions are proceeding as
previously announced. Testing equipment has been mobilised to the Lebien location, where
further testing is due to commence imminently on the Lebien LE-2H horizontal well. Rig
mobilisation for the Strzeszewo LE-1H vertical well is continuing and the well is expected to
spud within the next week.
Alecto Minerals, the AIM listed multi-commodity exploration and development company,
with projects in Ethiopia and Mauritania, announces its interim results for the six months
ended 30 June 2012. The company has said that it believes the interim results for the period
is in line with management expectations. They reported a pre tax loss increase to £0.50m
from £0.46m in 2011. Cash at June 30 increased to £1.57m from £1.32m in 2011 and there
were no dividend declared or paid. A cornerstone investor has secured £1.47m to fund
exploration. The weeks and months ahead will be marked by regular news flow as Alecto
receives results and make evaluations based on these campaigns which are designed to build
value on both a project and corporate level.
Alkane Energy, the independent gas to power producer, has announced the appointment of
Roger McDowell as Non-Executive Chairman with immediate effect, and replaces John
Lander, who is retiring having served on the Board for eight years. Mr. McDowell, 57, is an
experienced director of 30 years' standing and currently holds non-executive positions at
several listed companies including chairman of Avingtrans and Ultimate Finance Group and
director of IS Solutions, Swallowfield and Augean.
Allocate Software, the leading provider of workforce and compliance optimisation solutions,
provided a trading update for the first quarter, where it announced slower than anticipated
new license sales as a result of delays in contracts closing. The pipeline for new business wins
and licence renewals remains strong, though the timing will likely impact implementation
and support revenues in the current quarter. Whilst the portfolio of subscription-based
product lines has been encouraging, with a number of these performing above management
expectations, revenue is recognised over a period of time due to the nature of subscription
sales and therefore not enough to offset the delays in contract sales. The Board now expects
that first half revenues will be lower than its original expectations, albeit broadly in line with
the first half of the last financial year, and EBITDA will be below the prior year first half
comparable.
Cellcast (LON:CLTV)
Cellcast, a provider of participatory television programming and interactive telephony
technology for cross-platform digital entertainment, announced interim results for the six
months to 30 June 2012, in which the Company posted a loss of £119,000 (H1 2011: profit
before tax of £609,000) on the back of narrowed revenues (to £9.8m (H1 2011: £11.4m). The
Company‟s interests in Cellcast India were also diluted to 12 per cent as a result of a fund
raise and partial sale of stake by Cellcast India in October 2011, with its financial position
being impacted by the effects of new regulations reducing premium mobile tariffs applicable
to Cellcast India's core services. Cellcast India has delayed payments due under the
Intellectual Property assignment agreement. The Company continues to invest in the
development of products and services and focus efforts on identifying and developing new
international markets.
Cluff Gold (LON:CLF)
Cluff Gold, the dual AIM and TSX listed West African focused gold mining company,
announced on 1st October 2012 that it has changed its name to Amara Mining plc. The
Company also announces the resignation of three Non-Executive Directors as part of the
Board‟s review of its structure. These changes show signs of the company‟s transition into a
mid-tier gold producer, through the extension of production at the Kalsaka/Sega gold mine,
which funds the progression of its pipeline projects, Baomahun and Yaoure, where the
Company is completing a feasibility study and expanding the resource base respectively. The
transition is also being seen in terms of leadership, with John McGloin‟s appointment as
Executive Chairman on 28 May 2012 and the resignation of Mr Nicholas Berry, Dr Bobby
Danchin and Mr Ronald Winston, effective 30 September 2012. From 1st October 2012, the
Board will comprise of three Executive Directors and three Non-Executive Directors, a more
appropriate number for a company of Amara Mining plc‟s size. The new branding reflects the
Company‟s operational ethos across its assets. The word Amara is of African origin and
means grace, eternal and immortal and the logo is a fern, which is a West African Adinkra
(symbol) representing endurance and resourcefulness.
Cluff Natural Resources (LON:CNR)
Led by natural resource entrepreneur Algy Cluff, Cluff Natural Resources, the investing
company which focuses on investing in global oil & gas and mining assets has announced its
maiden interim results for the four-month period from incorporation on 21 February 2012
and ended 30 June 2012. In May 2012, the company was listed on AIM successfully raising
£3.75m at 5 pence per share. They have been actively evaluating natural resource assets in
line with their strategy, to take advantage of the growing pressure to exploit new reserves
and resources in order to satisfy increased global demand for commodities. Cluff Natural
Resources believes there is a positive medium to long term outlook for general commodity
prices and therefore recognise opportunities to create significant value for shareholders. The
company reported a loss for the four-month period ended 30 June 2012 of £0.27m, but has a
healthy cash position of £3.16m and are confident that they are well positioned to deliver on
the strategy of investing in highly prospective oil and gas and mining assets.
On 20 October 2010, the Company announced that an inventory check had revealed
evidence of an unexpected stock shortfall in its Aberdeen based Offshore division and further
investigation revealed a series of doubtful transactions involving a company, called Meapac
Limited, which evidence suggests accounted for a substantial proportion of the shortfall.
Subsequently, the Company has pursued a claim through the Scottish Courts against Calum
Melville and Stuart Melville (previous employees of the Group) and companies associated
with them for losses suffered by the Group as a consequence of an alleged fraud. Of all the
money paid to Meapac as an alleged "supplier", 95 per cent found its way almost
immediately into Calum Melville's bank account or the bank account of companies directly
controlled by him. The trial has been adjourned until 2nd October. Meantime, the Court
granted a decree in favour of GTC Group (a wholly owned subsidiary of Cosalt) against
Meapac in the sum of £2.5m plus interest and expenses. Shortly before trial, the Company
was approached by representatives of Calum and Stuart Melville with an offer to settle in
advance of the court case being heard in public. While the Company has rejected all previous
offers to settle, it has agreed in principle to accept the latest offer and heads of terms have
been signed. Assuming a formal settlement is concluded, the case will be put on hold from
Tuesday 2 October 2012 to allow implementation of the settlement. The terms which Calum
Melville and Stuart Melville and their associated companies have agreed will also be
disclosed on that date.
Eden Research (LON:EDEN)
Eden Research, a specialist in green technologies for agriculture, has reported a narrower
pretax loss for the six months ended June 30, adding that it has been talking to a number of
potential licensees in areas such as food flavorings and cosmetics, as well as for further
agrochemical products. Revenue for the period reduced to £8,000 compared to £15,000 in
2011. The pretax loss reduced to £1.58m from £2.22m in 2011. Cash at the bank reduced
from £1.18m in 2011 to the current amount of £0.48m.
Fitbug (LON:FITB)*
AIM traded provider of online personal health and well-being services announced its results
for the six months ended 30 June 2012. The Company reported a pre-tax loss of £649,000
(2011: loss of £189,000) reflecting increased investment in new product and US market
development and launched Fitbug Air – the world‟s first Bluetooth Low Energy Fitbug
activity tracker (post period end). New sales confirm the appeal of Fitbug capability in the
Connected Health Market, and interest in new Games Framework. Fitbug has a strong
pipeline of new business opportunities and 2013/14 revenue deals. During the period, a
£1,000,000 Convertible loan from Kirsh Group subsidiary, on attractive terms, and
£125,000 investment by directors significantly strengthened the Company‟s financial
position. Cash at 30 June 2012 was £1,136,000 (2011: £172,000).
Goldplat (LON:GDP)
Goldplat the AIM listed gold producer announced its preliminary results for the year ended
30 June 2012. There was a record profit before tax of £5.24m which was a 52 per cent
increase compared to £3.43m in 2011, in addition there was a 57 per cent increase in after
tax profit. All three areas of the business contributed to the success and for the first time, the
profits earned in Ghana exceeded those earned in South Africa. There was a 52 per cent
increase in the net cash position to £4.57m as at 30 June 2012 compared to £3.01m in 2011.
Operating profits were £4.53m which increased by 48 per cent from 2011. Goldplat remains
market leaders in gold recovery in Africa and the gold production from Ghana and South
Africa totalled 31,354 ounces with 17,762 ounces of gold attributed from Ghana and 13,592
ounces of gold from the South African operations. Basic earnings per share increased 30 per
cent to 2.77p against 2.12p for 2011. The success from the operations has enabled Goldplat to
recommend a maiden dividend of 0.6p per share, totalling £1.01m.
Goals Soccer Centres (LON:GOAL)
Goals Soccer Centres is the leading player in the fast growing 5-a-side soccer market and
currently operates in 43 centres in the UK, one in Los Angeles and has established a pipeline
in excess of 40 sites. In the Interim results period, Goals has continued to experience likefor-
like growth, with core football continuing to perform well, since the end of the half year
despite the period including the London 2012 Olympics. Sales were £16.3m which was an
increase of 11 per cent and like-for-like sales increased by 2 per cent, although the increased
has slowed down compared to 3 per cent in 2011. Profit before tax fell to £1.6m compared to
£4m in 2011 however adjusted profit before income tax increased 10 per cent to £4.4m
(adjusted for the impact of the net exceptional cost of £2.8m). Adjusted diluted earnings per
share were up 16 per cent to 6.6p (adjusted for the net of tax impact of the exceptional items)
and an ordinary dividend was maintained at 0.675p per share. Net bank debt fell to £53.9m
compared to £54.4m in 2011. The Company is exploring options to provide additional
balance sheet flexibility and has received strong initial indications of support from a number
of existing shareholders.
ImmuPharma (LON:IMM)
ImmuPharma, the specialist drug discovery and development company, announced that its
cancer programme IPP-204106 has begun further clinical trials with the next generation of
"polyplexed Nucant". The first patients have started dosing in this new Phase I/II clinical
trial. IPP-204106 has a novel mechanism of action aimed at preventing proliferation,
inducing apoptosis and also controlling angiogenesis. This „polyplexed Nucant‟ formulation
has shown an impressive efficacy of about ten times over the previous Nucant version in preclinical
cancer models and represents a newly discovered form using the previous Nucant
version together with a specific excipient that forms micro/nano structures. IPP-204106
final results are available for the Phase I/IIa clinical trial where six out of the 14 patients had
proven stabilisation with stabilisation lasting more than six months in two of the six patients.
ImmuPharma also announced results for the six months ended 30 June 2012. LupuzorTM,
the candidate for the treatment of lupus which has been granted approval by the US FDA to
begin Phase III trials under Special Protocol Assessment with Fast Track designation,
continues to be the subject of licensing discussions with a number of possible partners. The
Company has a strong cash position of £10.1m and reported a basic and diluted loss per
share of 2.17p and 2.17p respectively (30 June 2011: 2.59p and 2.59p).
Jubilant Energy, the upstream oil and gas Company with assets in major proven and prolific
hydrocarbon basins in India and Myanmar, has announced that its subsidiary, Jubilant
Offshore Drilling Pvt. Ltd., has signed a Rupee Loan Agreement for a term loan facility of Rs
1,340 crores ($254m) with a consortium of banks, led by State Bank of India. The term loan
facility is to be used towards funding the capital expenditure for the appraisal and
development of KG Block, particularly development of Deen Dayal West and for the
repayment of existing term loan facility of Rs 650 crores ($123m). The loan has a tenor of
twelve years with repayment in quarterly installments commencing from 31 December, 2015.
Nighthawk (LON:HAWK)
Nighthawk, the US focused shale oil development and production company, announced its
final results for the year ended 30 June 2012. During the year ended 30 June 2012,
Nighthawk undertook and completed significant changes in its strategy, asset base,
shareholder and financial structure, and management team. Nighthawk is now focused on a
single, large-scale, US shale oil development, the Jolly Ranch project in the Denver-
Julesberg Basin in Colorado. In January 2012, the Company completed the acquisition of an
additional 25 per cent working interest in the project from Running Foxes Petroleum taking
Nighthawk's total working interest to 75 per cent. The first stage of Nighthawk's
development plan for Jolly Ranch was to work-over 15 existing wells and re-evaluate their
condition and potential for a recovery in oil production, which had fallen sharply during 2011
and was running at around 30 bbls/day. This work-over uncovered a significant number of
problems both sub-surface and with top-side equipment. Whilst the operational problems
have now been dealt with, they have impacted on the business in two other ways. First, an
assessment of the potential from existing wells, relative to the historic costs expended on
them, has resulted in further impairment charges for the year. Second, Nighthawk has raised
significant claims on Running Foxes Petroleum, and is working closely with its US counsel to
pursue its claims. All of the Group's other projects have now been fully disposed of. At 30
June 2012, the Group held cash balances of $9.2m (FY2011: $2.0m).
Oracle Coalfields, the coal explorer and developer of a lignite mineral property located in the
south-eastern desert of the Sindh Province, Pakistan, today announced its unaudited interim
results for the six months ending 30 June 2012. At the period end the cash and cash
equivalents was £0.27m which is a decrease from £3.3m in 2011. The Group will be requiring
additional funds to cover its working capital needs for the next six months and is therefore
considering a number of options and strategies in respect to future funding. They said they
expect to make further announcements on a financing plan in due course. The company is
moving from exploration towards development. This transformation is reflected by the
completion of the Technical Feasibility Study by leading international consultants SRK
Consulting; the issuance of the Mining Lease for Block VI Thar Coalfield; signing a Joint
Development Agreement with Karachi Electric Supply Company; and the recent finalisation
of the Implementation Plan by Dargo Associates Limited. The Company is now entering the
implementation stage with mine development targeted for the first half of 2013.
Oxford Pharmascience (LON:OXP)*
Oxford Pharmascience, the specialty pharmaceutical company that uses advanced
pharmaceutic technologies to reposition medicines, this last week announced it has
completed successful first stage commercial scale up work for its OXPzero(TM) taste masked
ibuprofen. Over the last few months the Company has been working with a contract
manufacturing partner to produce the taste masked ibuprofen in a batch that is both scalable
and suitable for product registration. The Company will now progress to undertake a clinical
trial with co-development partner Hermes Pharma to demonstrate the bio-equivalence of
this taste masked ibuprofen, results of which are expected in the first quarter of 2013.
Petrel Resources, the Irish hydrocarbon exploration company with activities in Iraq, Ghana
and Offshore Ireland, announced its interim results for the six months ending 30 June 2012.
The loss came in at EUR 257k (vs. EUR 200k H1 2011). That being said much progress has
been made. A new management team was appointed in Iraq. They have clarified Petrel's
relationship with the authorities and are pursuing existing and new opportunities. The
Ghanaian authorities have been provided with evidence of Petrel's financial and technical
ability to conduct the required work programme on Tano 2A Block and further exploration
has confirmed the value of the Tano Basin acreage. Petrel is progressing its Irish Offshore
Option Blocks in the northern and eastern sections of Porcupine Basin and several new
targets have been identified. Chairman, John Teeling said: "Petrel is well financed for all
current needs with over US$4m cash. The board is committed to our activities in Iraq and
Ghana offers significant upside to the company.”
Plethora Solutions Holdings (LON:PLE)*
During the first half of 2012 Plethora filed PSD502 with the European Medicines Agency as
expected and on schedule. Plethora stated in the interims that it expects approval of PSD502
late Q3/early Q4 2013, and talks have commenced with multiple parties to identify a
commercial partner to bring PSD502 product to market. The trading business, The Urology
Co, has delivered strong growth in revenue in line with the board‟s expectations – H1
revenues were £283,000 a 13-fold increase over the same period last year and a 56 per cent
increase over the whole of 2011. In addition the gross margins improved to 46 per cent in H1
2012. There was a positive start to the second half of the year with strong trading in July and
August. There has been a continuing focus on cost control: compared to the same period in
2011 sales, marketing and distribution costs reduced by 32 per cent to £426,000 and G&A
costs reduced by 39 per cent to £529,000. In 2011 the Group clearly set out its strategy that
it would: (i) pursue the commercialisation of PSD502 in the shortest timeframe and (ii) seek
to grow The Urology Co. In the first half of 2012, both of these objectives have been met.
Plexus Holdings, the oil and gas engineering services business and owner of the proprietary
POS-GRIP(R) friction-grip method of wellhead engineering, announced a four year contract
to supply wellhead and mudline equipment to Brunei Shell Petroleum Sdn Bhd. Under the
terms of the contract, which are subject to finalisation, Plexus will supply both High
Pressure/High Temperature (HP/HT) and standard pressured Wellhead and Mudline
systems and services, using the Company's proprietary POS-GRIP technology, for a multiwell
exploration programme in Brunei. The value of the initial contract is estimated to be
worth approximately £2m over the next 18 months dependant on the number of wells
drilled. Revenues commence in October 2012.
Renew, the engineering services group focused on the UK infrastructure sector, has provided
an update on trading for the financial year ending September 2012. The Company expects
that its operating profit before exceptional items and amortisation will be in line with market
expectations for the year. To deliver further business efficiencies, it incurred exceptional
redundancy and restructuring costs in the second half of the year of £1.3m, and also decided
to close the business of C&A Pumps Ltd with immediate effect. C&A Pumps found it
increasingly difficult to trade profitably following changes to Water industry framework
arrangements. The Company has appointed Paul Scott, Managing Director of Shepley
Engineers Ltd, to the role of Engineering Services Director of Renew.
Seeing Machines (LON: SEE)
The preliminary results for year ended 30 June 2012 showed total revenue increased 9.2 per
cent to A$7.82m however gross profit was A$4.31m which decreased from A$4,875,031 in
2011. The decrease was primarily due to a change in product mix resulting from higher DSS
sales, the sale of services (including consulting) and lower faceLAB® and faceAPI™ sales.
The net loss fell to A$1.74m compared to A$2.17m in 2011. Cash at 30 June 2012 decreased
to A$5.78m compared to A$1.65m in 2011, this was mainly due to continuing investment in
the expansion of business development and increased scaling of field support capabilities
within the Company‟s main Driver Safety Solution (DSS) markets. Due to new customers
planning programmed increases in their deployment, the sales pipeline expanded
significantly to over A$24m in value during the period. Other highlights were securing a
major road transport customer, increasing company trucks now running DSS to over 65;
there was additional DSS business secured in the Americas, Australia and South Africa and
the appointment of technology entrepreneur Ken Kroeger as CEO and of experienced
chairman Terry Winters.
Serica Energy, the oil and gas exploration, development and production Company with
activities in Europe, Africa and Indonesia, has announced that it has successfully completed
the acquisition of 4,180 square kilometres of 3D seismic data in its Luderitz Basin Blocks,
offshore Namibia. The survey, conducted by Serica on behalf of its partners, BP, NAMCOR
and IEPL, commenced in May and was undertaken by Polarcus Seismic Ltd. using the 10-
streamer seismic vessel Polarcus Nadia. The data is believed to be of exceptional quality and
has been acquired in the south east of the licence area over a clearly defined prospect which
is located in a good setting for potential reservoir development. It is now being processed
fully to delineate the prospect and to identify additional prospects associated with locally
present channel sands. Initial results are expected to be available around the end of the year
and will be amalgamated with regional geological information prior to determining a
forward drilling programme.
ServicePower Technologies (LON:SVR)
AIM listed market leader in field management announced that it has secured new premises
for its head office in the United States, in Reston, Virginia. Reston is an established hub for
growth technology businesses and the high quality offices will serve as a good base from
which to service the Company's growing US client base. A sublease has been entered into
between ServicePower and Asteria Corporation, a charitable foundation in the US, for a
period of four years. Further to the sublease, a warrant agreement has also been entered into
with Asteria under which, in lieu of rental payments, the Company has granted Asteria a
warrant to subscribe for 4,264,896 ordinary shares of 1 penny each. The Warrant Shares can
be exercised over five years in eight equal parts with only four parts to be exercised each year
at the closing price for the business day immediately prior to the service of a warrant exercise
notice, less 50 per cent. The agreement preserves the cash in the ServicePower business
while demonstrating Asteria's confidence in ServicePower's growth prospects.
Shepherd Neame (LON:SHEP)
Kent-based brewer and pub operator announced final results for the 53 weeks to 30 June
2012. Turnover increased by 9.6 per cent to £133m (2011: £121.3m), and profit before tax
impressively by 39.7 per cent to £9.1m (2011: £6.5m). A final dividend of 19.6p (2011: 19p)
takes overall dividend per share for the period to 24.5p (2011: 23.8p). Despite the difficult
economic and general trading environment, volume sales for the Company were up by 5.6
per cent against the UK market decline of 1.2 per cent- own beer sales were up 5.2 per cent
whilst Spitfire and Ashahi also performed very well. The Company‟s pub and hotel estate saw
a number of acquisitions - seven in total – and since year end a further 23 letting rooms have
been acquired taking the overall to 499. This is on the back of a very good performance from
the estate which saw like-for-like managed sales on a 52 week basis up 7.6 per cent, with
liquor up 6.2 per cent, food up 10.9 per cent and accommodation up 7.0 per cent.
Sunkar Resources, a phosphate rock miner, recorded on Friday a widening pretax loss
however the fundamentals of its development project remain as positive as ever according to
the Board. During the six months ended 30 June 2012, the Company continued to pursue its
strategy of generating revenue from the sale of Direct Application Rock (DAR) and reducing
overheads. Revenue for the six months ending June 30, generated from sales of DAR $0.54m
compared to $0.02m in 2011. The pretax loss however increased to $4.53m from $4.51m in
2011. The occurrence in the region of all the key ingredients for high analysis phosphate
fertiliser production, namely: phosphate rock, sulphur and natural gas for ammonia
production, can, the Board believes, make this one of the lowest cost production sites in the
world. Furthermore, the plant location in the middle of the Eurasian cereal growing areas of
southern Russia, northern Kazakhstan and China, which are removed from much of the
Russian and Chinese domestic phosphate industries, makes, the Board believes, potential
future Chilisai fertilizer deliveries by Sunkar the lowest cost to this under-supplied region.
Symphony Environmental Technologies (LON:SYM)
Symphony Environmental Technologies, the specialist in advanced plastics technologies
including controlled life, anti-microbial and anti-counterfeiting products, and recycling
technologies announced its interim financial statements for the six month period ended 30
June 2012. Revenues came in at £2.12m (2011 H1: £3.89m) generating an operating loss of
£0.68m (2011 H1: profit £0.28m).With a high level of debtors at the end of last year, the
Group changed its operating policies with many of its overseas territories in order to reduce
exposure. The effect has been a substantial reduction in debtors since the end of the year,
albeit receivables were still high at the end of June as the effect of this policy change will
complete during the second half of this year. This also had the effect of reduced invoicing
and reported revenues during the first half of the year. However, business opportunities
continued to strengthen in some of its major markets, and several product development
projects accelerated towards maturity. Symphony continues to generate cash from
operations and is now a worldwide business and is not significantly exposed to the economic
downturn in the UK and Europe.
TEG Group (LON:TEG)
This has been a period of transition for the Group, with a refocusing of the business on its
operating sites, further cost reductions and, since the period end, a successful financial close
on the Dagenham project. Underlying trading at the Group‟s own plant operations has been
strong. Half-year revenue for period was £5,617,000 (2011 interim: £9,333,000) and the
Group loss was £1,795,000 (2011: £798,000), reflecting the loss of the North East Wales
contract and delays to the fourth facility in Manchester and at Dagenham. The Group
recorded a gross profit of £1,268,000 (2011 interim: £2,345,000 profit) and a Group cash
balance as at 30 June 2012 of £1,101,000.
Ultimate Finance (LON:UFG)
The leading provider of financial solutions to SMEs, Ultimate Finance, announced final
results for the year ended 30 June 2012 in which revenue increased by 16 per cent to
£11,248,000 (2011: £9,706,000), whilst adjusted PBT increased 58 per cent to £1,909,000
(2011: £1,212,000). The Company has seen significant growth across the business and, with
high street banks restricting financing for small business, expects to continue to fill this cash
flow need and expand or replace the banks role with small businesses. A 14 per cent increase
in the dividend to 0.4p per share perhaps reflects said growth.
ViaLogy (LON:VIY)
ViaLogy announced that the company is in exploratory discussions with some of the largest
Chinese national oil companies and upstream services providers to deploy their
QuantumRD(R) software platform for both their national and global assets. ViaLogy is
discussing service delivery arrangements whereby the platform can be utilised to determine
the locations of new hydrocarbon assets on active fields. QuantumRD(R) can potentially
provide more accurate structural and stratigraphic interpretations of seismic data than is
now achievable with industry-standard tools. These business discussions follow issuance of a
patent in China for QRI(R) related technology, which provides the fundamental weak signal
processing and computational engine (employing quantum resonance interferometry) for
ViaLogy's QuantumRD software platform. The company currently has a number of
QuantumRD related patents pending in China.
William Sinclair (LON:SNCL)
William Sinclair provided a trading update in which it announced that challenging UK
harvest conditions (with the UK having the wettest summer in 100 years) have severely
challenged the Company's ability to harvest peat from any of its bogs, and also affected peat
supplying regions beyond the UK, including Ireland, Scandinavia and the Baltic countries
which the Company believes will lead to price rises of approximately 10-15 per cent. Other
news includes the Company having appealed to the Secretary of State for the Environment
to turn over the decision to not allow the Company to harvest peat at its Chat Moss site, and
also that Chief Executive Bernard Burns will resign from the Board in early 2013 once his
replacement has been appointed. The final dividend for 2012 is likely to be lower than last
year's 4.4 pence per share due to the impact of the climate conditions.
*A corporate client of Hybridan LLP