Small cap round-up: African Consolidated, Independent Media...

7th Sep 2010 11:41

Shares in African Consolidated Resources fell sharply after the Zimbabwe-focused miner said that the country's High Court rescinded a judgement last year validating the company's mining claims in the Marange diamond field.Shares in TV and radio advertising distributor Independent Media Distribution jumped after it announced a sharp rise in profits in the six months to June 30 and said the media market remains buoyant.Pre-tax profits jumped to £0.98m from £0.57m over the same period the previous year, on revenues that rose to £4.73m from £3.65m.'The media market has firmed up generally and should support good trading for the last, critical four months of the year, together with the new services launched last year and our ongoing entry into new markets,' the company said.Norcros, the company behind Triton Showers and Johnson Tiles, expects trading for the current financial year to beat expectations after maintaining its strong start to the year.Triton Showers continues to outperform the market, Norcros says, while Johnson Tiles is benefiting from new ranges.Norcros expects to restore its progressive dividend policy when it announces interim results in November.The South African business is benefiting from operational initiatives.Norcros said it 'has created sufficient momentum in its businesses to mitigate the impact of the uncertain outlook for UK consumer spending, the cut-backs in UK public sector investment and the sluggish recovery in the South African economy.'Critical components manufacturer Avingtrans announced contract wins with the aerospace industry on Tuesday that will generate more than £10m of revenue over the next five years.