Date: Tuesday 27 Mar 2012
- Included in this round-up: Clean Air Power, Mission Marketing, Pursuit Dynamics, Hydro International, Daniel Stewart, Parallel Media Group, Lo-Q, and Journey Group.
LONDON (ShareCast) - Lo-Q, a provider of virtual queuing systems, has reported that its operational momentum has continued in to the first half of the current year. The company has earned considerable new business, particularly for its waterpark product, Q-band. Exisiting business has also performed well, with the company announcing a six year entention to its contract with 11 Six Flags Q-bot parks.
Hydro International, a water products company, has won a contract worth £1m for its Hydro-Sludge Screen product. The screens will be installed at 10 municipal wastewater plans across east England. It is the largest Hydro-Sludge order to date.
Pursuit Dynamics, the fluid technology solutions developer, has said that following its recent fund-raising, the company's cash balances at March 23rd were £9.8m, while its cost-cutting programme has reduced headcount by 25% and reduced expenditure from around £1.2m a month to £1m a month, with plans to reduce it to £0.75 a month later in the current financial year. The company Chairman, Andy Quinn, said that the firm was making progress across all divisions.
Mission Marketing, a national marketing communications and advertising group, has posted a rise in revenue and pre-tax profit for the year ended December 31st. Turnover was up from £90.4m to £116m, while profit was up from £1.6m to £4.1m. Basic earnings per share were up from 1.67p to 4.35p. The board did not propose a dividend.
Daniel Stewart, a stockbroker and corporate finance adviser, has said that Jade Global Investments has subscribed for 10,000,000 new ordinary shares in the company at 2.5p each. The proceeds will be used to boost general working capital. Jade now holds 5.65% of Daniel Stewart's share capital.
Parallel Media Group, a sports media and digital agency, has announed that its 50% owned subsidiary, Parallel Smart Media, is expanding into Asia via the creation of Parallel Smart Media Asia. PMG will have a 51% share in PSMA. Its core business areas will include sponsorship rights, acquisition and sales.
Journey Group, an in-flight products supplier, reported a 23% rise in revenue to £42.6m but a dive in adjusted pre-tax profit, from £1.2m to £0.37m. Despite this, adjusted earnings per share rose from a loss of 0.41p to 0.10p. Net cash rose from £0.2m to £2m. No dividend was announced. The firm said that following its turnaround it is now focusing on growth.
Combustion technology developer Clean Air Power posted a fall in revenue and a rise in operating loss for the year ended December 31st. Revenue dropped from £5.8m to £4.6m, while operating loss increased from £1.8m to £2.2m. Basic losses per share fell from 3.00p to 2.13p. Cash remained stable at £2.4m. No dividend was proposed.
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