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Small caps round-up: Island Gas, Armor Designs, Hightex

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Date: Tuesday 02 Sep 2008

LONDON (ShareCast) - Island Gas Resources fell into losses at the interim stage but said it was on track to meet its goal of selling gas by the end of 2008.

The company, which produces gas from coal seams in Cheshire, Yorkshire, Staffordshire and north Wales, posted losses of £61,000 in the six months to June 30 compared with a profit of £75,000 over the same period a year ago. Revenue fell to £300,000 from £391,000.

Body armour maker Armor Designs has entered into an alliance with the US intellectual property company ipCapital to help communicate the company’s strategy to investors and clients.

“We believe that this strategic alliance will help prioritise our research and development efforts and will result in stronger revenues streams in due course,” Armor Designs chairman James St Ville said.

Shares in stadium roof and façade specialist Hightex moved higher after it said it was jointly awarded the contract to help build a stadium for the football World Cup in South Africa. Hightex, and its consortium partner Mostostal Zabrze, a Polish steel maker will construct a complete membrane façade and supporting steel structure for the Green Point stadium in Cape Town.

Hightex has already been selected to help build the First National Bank Stadium in Johannesburg, one of four stadiums being built for the World Cup.

Avingtrans, which makes stands for roadside speed cameras, said it has signed a long term agreement with Rolls-Royce, worth over $40m.

The group will supply rigid pipe assemblies and components from its Aerospace Division, B&D Patterns in the UK and Sigma Precision Components in Chengdu, China.

Online payments group Neteller has agreed to provide its services to Cardsave, a provider of financial and business services for independent retailers.

Trading has remained resilient despite uncertainty relating to the City of London’s exposure to the banking and financial sectors, serviced office manager Stonemartin said after sharply reducing its full-year losses.

The company reported pre-tax losses of £34,000 in the year to March 31, compared with £547,000 over the same period a year ago as turnover climbed to £12.6m from £11.7m.

Miner Polo Resources has intersected a coal seam at its Hud project in the South Gobi Basin in Mongolia.

With first iron production scheduled for 2009, Anglesey Mining is well placed to benefit from a still-strong market for the metal, the company said.

Activities at its major project, a 50% owned iron ore mine in Labrador, Canada, have been significantly increased since April, it said. However, the company had to cut back on work at Parys Mountain, a base metal project in North Wales, because of the uncertainty created by a fall in zinc prices. Anglesey added that prices for copper, which accounts for more than half of the value of the project, have remained historically high.

Interim losses soared at Dominion Petroleum as it took big one-off charge to settle outstanding litigation with former finance director Carlo Seidel. Losses came in $15m up from $3.5m, including litigation costs of $8.3m.

Dominion, which needs to raise extra capital to fund its ongoing projects in East and Central Africa, added it has a reasonable expectation it will be able to raise these funds through the issue of equity and debt or farm-out arrangements.

Adili's largest shareholder Hawk Investments, owned by Bob Morton and with a 27.36% stake, has agreed to back a proposed new share issue at a price of 5.5p per share. The online retailer added that sales volumes and revenues for the first three months of the new financial year have grown by in excess of 100% compared to the same period last year. The Sale period has been successful in clearing seasonal stock, albeit at lower margin than normal, it added.

Alba took a dive as the electrical goods maker pinned its hopes on Christmas as general market conditions remain challenging in its core UK consumer electronics business.

“The general market conditions remain challenging and are likely to continue to be so for the foreseeable future,” said owner of the Bush and Goodmans brands.

Continued focus on higher margin services is paying off for Vindon Healthcare. The pharmaceutical storage firm saw profit before tax storm 48.7% higher to £0.83m in the first six months of 2008 from £0.56m a year earlier, even though turnover rose just 21% to £2.6m from £2.1m.

The company’s order book remains healthy, and it has currently committed revenue of £0.8m for the second half of the year and of £1.1m for 2009, with total committed revenue of £3m.

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