Digital Look

Small cap round-up: Mediterranean Oil, OPG Power, Media Square...

Date: Tuesday 09 Feb 2010

Mediterranean Oil (MOG) has doubled the estimate of reserves at its Ombrina Mare field to 40m barrels, consisting of 12m proved and 28m probable.

"The new oil reserve numbers establish the Ombrina Mare field as a significant European oil project and further confirm MOG's technical ability to operate and progress this important project,” it said, adding it hopes to receive a production concession by the end of this year.

OPG Power Ventures says commissioning trials at its 77 MW facility near Chennai have been hit by a failure of the air pre-heater, a component of the boiler unit. The date on which the generating unit goes live and feeds power to the grid system will be extended by a number of weeks as a result.

Media Square has exchanged contracts to sell the trade and certain assets of twentysix NewYork to Dynamics Ventures. The initial proceeds from the disposal will be approximately $2.25m in instalments. In addition, the consideration could rise by up to an additional $1.5m in cash based on performance.

Shares in Volex were jolted higher after the power products group said margins had improved following its latest update earlier this year due to favourable commodity prices and ongoing cost cuts.

Home credit and car finance provider S&U said home credit sales exceeded expectations in December with collections remaining robust in January despite weather disruption.

The motor finance business Advantage was ‘very buoyant’ in December and January.

Investors were cheered by Ultrasis’s announcement that the interactive healthcare provider has agreed a partnership with New Zealand-based behavioural health company Instep to offer clients its online ‘Beating the Blues’ programme to treat mild and moderate depression.

Bookmaker services group Alphameric swung into the black for the year ended 30 November 2009 as profit from its 50% stake in its racecourse joint venture and TurfTV-owner (AMRAC) more than doubled.

The firm posted a pre-tax profit of £7.9m versus a £2.2m loss in 2008 on revenue up to £40m from £35.9m.

Alphameric's share of AMRAC's revenues grew to £26.1m from £20.6m and its share of profits grew to £7.1 million after management charges from £3.4m last time.

Individual Restaurant, which trades under the Piccolino’s and Bar & Grill names, expects 2009 pre-tax profit will beat consensus forecasts.

It has also achieved more than the £2m of targeted cost savings, but warns that bad weather in the first two weeks of 2010 hurt its businesses, most of which are outside south east England. Trading has since returned to expected levels.

Trading has been ‘good’ at United Drug in the first quarter of the financial year with profits in line with budget and ‘well ahead’ of a slow first quarter 2009.

Profit before tax for the year to 30 September 2010 is seen ‘broadly in line’ with the year before on a constant currency basis. Interims are due on 11 May.

Plastics group Victrex reports sales volume for the four months to the end of January recovered from a weaker than average December to stand at about 714 tonnes.

‘While it remains too early to predict the outcome for the year as a whole, the underlying trends being experienced across Victrex Polymer Solutions (VPS) are encouraging,’ said the company in today’s AGM statement.

Telit Communications, the wireless technology company, said revenue for 2009 is likely to be around €63m, in line with market expectations and some 7% higher than 2008’s revenues.

Mining company Red Rock Resources has raised £0.12m (gross) through the issue of 8.69m shares to YA Global Master SPV at a price of 1.3807354p each.

Open cast coal producer Atlantic Coal has placed 80m new ordinary shares at half a penny each to raise £0.4m before expenses. The newly issued share represent 5.5% of the company enlarged issued share capital.

The funds from the placing will be used for general working capital purposes.