Small cap round-up: DTZ, Hirco, Sirius

15th Dec 2010 12:06

Property services DTZ continues to struggle with revenues falling again in the latest half-year and the group posting another hefty loss.Group revenue in the six months to October was £159.3m (£168.2m), while the estate agent lost £6m against £20.6m.Asia Pacific performed strongly and grow, but Ireland was hit by the turmoil in the economy and the UK saw lower revenues in property management and consulting and in the regions outside of London. DTZ adds it remains cautious, but should meet market expectations in the current year. Indian property group Hirco took hefty write-downs across a number of its developments over the past six months, sending it £13.6m into the red. At 30 September, Hirco's net asset value was £6.71 per share, down 18p on this time last year, after write-downs of £63.8m. Potash miner Sirius Minerals cut its interim loss to £985,000 in the half year to September, from £3.84m, while intangible assets shut up from £15.6m to £54m."I am delighted by the rapid progress made by during the period under review. This momentum coincides with a time when the broader markets have begun to better understand the long term global potash demand/supply issues," Chris Catlow, chairman, said.Shares in EMED Mining jumped after it reported further progress in re-starting the Rio Tinto copper mine in Spain.It said it had received a fourth signature to a statement of non-opposition to the approval of mineral rights to EMED, which had been requested by the autonomous government of Andalusia.An update on Trans-Siberian Gold's Asacha project in the Russia's Far East was less well-received. Construction delays mean that another three or four months will be needed to complete construction of the plant, meaning that gold production will start in about mid-2011, not the first quarter as had previously been anticipated.