Small caps round-up: Anite, Victoria Oil, DiamondCorp ...

8th Nov 2010 10:34

Anite, the wireless equipment tester and provider of management software to the travel sector, expects its first half results to exceed expectations after some deals in its wireless division were concluded earlier than anticipated.However, given that the deals were expected to conclude in the second half, Anite said this will result in a more even split than usual in profits between the two halves and there is no change to the firm's overall expectations for the year.Interim results from Victoria Oil & Gas disappointed the market despite the energy company slicing its pre-tax loss to $6.1m from $42.4m the year before.Cash and cash equivalents at the end of May 2010 stood at $6m, up from $0.7m a year earlier, though the company did have a succession of share placings. The company anticipates achieving daily gas sales of approximately 8m cubic feet per day by the end of 2011, with the potential to increase that to 100m cubic feet per day within five years.Diamond producer DiamondCorp said microdiamond recoveries from the initial drilling samples from the J-05 kimberlite prospect have returned two macrodiamonds and 49 microdiamonds.The results demonstrate a second diamond bearing stretch of kimberlite in the PL/71 licence area and provide sufficient encouragement to proceed with a mini-bulk sampling programme of large diameter drilling, the company said. Dual quoted wave energy power company Ocean Power Technologies has agreed to closer ties with Japanese company Mitsui Engineering & Shipbuilding.The company, listed on NASDAQ as well as in London, said it has signed a new contract formalising cooperation on developing a new mooring system for Ocean Power's PowerBuoy products, customised for wave power stations off the coast of Japan.Ocean Power expects to receive 18m yen (close to $220,000) for its development efforts. Work under this agreement is expected to be performed over the next six months.