Small cap round-up: LMS Capital, Winkworth, Morson...

23rd Mar 2010 13:20

Investment firm LMS Capital's net asset value fell 6% to 84p last year as the pound strengthened against the dollar. The return on the investment portfolio for the year was a net loss of £4.9m (2008: net loss of £36.7m). "Our low levels of debt and broadly balanced investment portfolio position us well to take advantage of future investment opportunities, while safeguarding our existing assets where we are seeing encouraging signs of growth," it added.Nuclear, aerospace, rail and power industry bodyshopper Morson lifted profits by 23% last year despite a fall in net fee income. Group revenues rose by 1.2% to £436.6m (2008: £431.4m), though net fee income fell 5.3% to £34.8m (2008: £36.7m). Profits before tax rose 22.5% to £9.7m (2008: £7.9m). The dividend for the year is unchanged at 6p."The effects of the recession on the UK economy have been widespread but for Morson have been tempered by several factors including the relative greater resilience of the sectors in which we operate, the impact of specific project demands and through having a strong business model with significant bias towards temporary contractor resource," chief executive Gerry Mason said. Estate agent M Winkworth says the sales market has started in significantly better shape in 2010 than 2009, with most offices announcing good interest from buyers, higher levels of transactions and some growth in stock levels, although a lack of property on the market remains a problem.On an annual basis, appraisals were up sharply compared to the depressed levels of the previous year, up 42% in January and 74% in February. On the same basis, new instructions were up 77% in January and 102% in February."The prime property market remains extremely buoyant with currency weakness attracting a steady stream of overseas buyers. The increasing shortage in rental stock reflects a return to historic levels without significant upwards price pressure," chief executive Dominic Agace added.Neuropharm says measures to conserve cash have successfully resulted in the company having £6.18m of cash and cash equivalents at end December. The board is exploring a return of cash to shareholders through a Members' Voluntary Liquidation of the AIM quoted company, Neuropharm Group plc. Meanwhile discussions in connection with the sale or merger of the company or its assets are on-going but early stage.Property developer Henry Boot fell into losses in the year to December 31 amid tough conditions in the UK market, but said t saw some stabilisation in the second half.Pre-tax losses totalled £11.9 compared with a profit of£19.3m the previous year.The company also announced that it has sold its Waterloo Square retail investment in South Shields to the Royal London Mutual Society for £11.5m.Shares in Chapelthorpe, which supplies fibres for flooring, home furnishings and other uses, jumped after saying operating profits are expected to be 'well ahead of last year.'Cake and bread supplier Finsbury Food said it was seeing the impact of consumers seeking better value as it posted a fall in revenues and profits in the 26 weeks to January 2.Pre-tax profits slipped to £1.81m from £1.84m over the 27 weeks to January 3, 2009 as revenues fell to £82.9m from £89.1m.Last year was a tough one for IT services company Parity Group and it is not expecting much improvement in trading conditions in 2010.The company saw its pre-tax profit, excluding exceptional items, dive to £0.25m from £1.69m the year before, on revenue that fell to £119.02m from £132.28m. As was the case in 2008, the board has not proposed a dividend in respect of 2009. Things are looking a little brighter for book publisher Quarto than they were 12 months ago, with the company's chairman and chief executive officer, Laurence Orbach, claiming he would be 'surprised if our performance did not improve during the course of the year.'The company saw underlying pre-tax profit, which excludes amortisation and non-recurring items, slide 10% in 2009 to £6.9m from £7.7m the year before. Revenue dipped 5% to £106.6m from £112.7m. The dividend for the year has been left unchanged at 7.15p.