Small caps: Avingtrans, Hydrogen, Murgitroyd...

6th Sep 2010 14:35

Component designer Avingtrans has been chosen by Siemens MR Magnet Technology to manufacture precision machined formers for Siemens' next generation Magnetic Resonance Imaging systems. Once the product is in full production in 2012, the annualised value of this new product to Metalcraft will be approximately £5mper annum.Avon Rubber has completed the sale and leaseback of their Avon Protection Systems facility in Cadillac, Michigan, US to RMD Cadillac and two other purchasers. The transaction has a sale value of $2.6m (£1.7m) and the net proceeds after fees and other associated costs will approximate the net book value of this asset on disposal. Recruitment group Hydrogen's group net fee income increased by 67% to £13.2m (2009: £7.9m) in the half-year to June. Adjusted profit before tax of was £1.1m, up from break-even. "The group grew NFI organically by 67% overall and internationally by 213% during the first half of 2010. We continue to seek to maximise on the investments made to select carefully further opportunities for potential future growth," executive chairman Ian Temple said. Forbidden Technologies has a demonstration of its Cloud video platform FORscene software up and running on the Nokia N900 smartphone.IP specialist Murgitroyd reported its ninth consecutive year of sales and earnings growth in the year to May. Turnover increased by 2% to £29.4m (2009: £28.9m) with pre-tax profits up by 23% to £3.8m (2009: £3.1m). A final dividend of 2p per share is being proposed, giving a total dividend for the year of 10p (2009: 9.5p).Training and logistics group Pennant's operating profit recovered to £220,000, from £114,000, in the half-year to May on revenues of £4.9m (2009: £4.8m). "Defence spending in the UK is currently subject to a major review. However your Board remains optimistic of significant orders in the short to medium term, providing good visibility of work running forward from 2011,"it said. The interim dividend is 0.25p per share.Emissions control systems developer Catalytic Solutions has sorted out its interim financing arrangements, coming to agreements with its secured convertible note holders and its secured lender, Fifth Third Bank. It has also reached agreement with Clean Diesel Technologies (CDTI) and CDTI Merger Sub to extend the date for completion of the merger with CDTI from 6 September 2010 to 15 October 2010.Indian clean energy firm Greenko has kicked off its wind energy development programme with the start of construction work on a 65 megawatt (mw) site in the state of Maharashtra. The site will be operational in the second quarter of next year. The group has also signed a technology partnership with GE for their latest XLE class turbines, specifically designed for low wind regimes in India. Marketing firm Media Square has been profitable at the operating level in the first six months of its financial year, which runs to the end of February. Group revenue for the first half of the year is up on a year ago and client spending has stabilised for the first time in three years."While we remain cautious for the next six month period, the Group has made considerable progress during the first half and is well placed to benefit from a sustained recovery in marketing budgets when it materialises," said Peter Reid, chief executive officer of Media Square.Renewable Energy Holdings is to get shot of its entire interests in Windpark Kesfeld Heckhuscheid and Windpark Kirf to Allianz Renewable Energy Management, for a total net cash consideration of up to €39.8m, of which €2m is deferred.The company will use €30.4m of the initial consideration to pay down existing debt, with most of the rest invested in the company's Kobylany wind farm in Poland. What's left of the group after the disposals is trading broadly in line with the directors' expectations.Shares in Vane Minerals lost a quarter of their value on Monday morning after the company raised £2.15m before expenses through the placing of 107.3m shares at 2p each. The net proceeds of the placing will be used to expand current operations in Mexico, bring on line the new projects acquired through the recently signed joint venture and double the capacity of the SDA mill.The miner saw losses before tax in the first half of 2010 balloon to £1.45m from losses of £0.65m the year before on revenue that dipped to £1.05m from £1.08m.