Small caps round-up: 1pm, ECDC, Hot Tuna...

17th Dec 2010 10:45

1pm, the specialist provider of lease asset finance to small and medium sized businesses, grew its lease portfolio by 43% in the half year ended November - which now stands at £9.2m - due to an increase in new business levels. The group also noted a return to profitability, reporting a pre-tax profit of £63,440, compared with a loss of £226,103 last year. Revenue increased 30% from £0.68m to £0.88m.South-eastern European property developer European Convergence Development Company has announced that continued difficult trading conditions combined with the uncertain economic outlook in Romania and Bulgaria, is likely to lead to "impairments" on certain company assets. Shares fell 19% on Friday afternoon.Surfwear specialist Hot Tuna saw revenues fall from £1.14m to £0.46m in the twelve months ended June after sales fell across all regions. Pre-tax losses narrowed to £1.31m from £3.74m previously.The European market saw turnover fall from £0.41m to £0.12m as major retailers limited product mix to more established brands. Australia suffered manufacturing problems - with the recall of 95% of products - resulting in reduced sales, and the US division also experienced a significant decrease in revenue due to the "prevailing economic conditions," the group says. Aim-listed computer software group Maxima said the half year ended November experienced strong double digit revenue growth in its identified areas of focus including Microsoft Applications, Web Connectivity and Infrastructure Management.However, the statement also notes that revenues have declined in "areas where have chosen to scale back our presence." For the financial year as a whole, trading remains in line with current market expectations.India-focused real estate investment company Unitech Corporate Parks has almost doubled its income for the half year to September from £3.3m to £6.5m. However, due to the substantial increase in net loss from the fair value adjustment on investment property, its pre-tax loss grew to £104.9m from £54.5m in 2009.