Small cap round up: Maintel, GMA Resources, Petro Matad...

11th Mar 2011 10:28

Maintel, the supplier of telecoms products and services to businesses, posted a decent rise in profits last year as sales picked up following a tough 2009, but predicts a difficult 2011.Pre-tax profits in the year to 31 December climbed by 12% from 2009 to £2.673m, on revenues that were up 13% at £22m."While we see the 2011 economic environment remaining difficult as the government's policy to reduce the structural deficit continues to have an impact on company investment and cost reduction activity, Maintel is well placed to continue its growth in this environment," the company said.Algerian gold and silver miner GMA Resources says new drill results have confirmed wide mineralized zones running parallel with the existing mined quartz veins, as anticipated. It produced 1,399 ounces of gold in January and 1,043 ounces last month.Mongolia-focused oil explorer Petro Matad's latest operational update has confirmed the view of analysts at Westhouse Securities that "2011 will be a very active year, with a high level of newsflow".It repeats 'buy' advice and target price of 250p.