Small caps round-up: Corero, GMA, TEG ...

20th Sep 2010 08:58

Software company Corero scraped into the black in the first half of the year with a pre-tax profit of £21,000, versus a loss the year before of £0.45m. Revenues edged higher to £2.21m from £2.20m a year earlier. "The outlook for the Business Systems division is positive as it is a major provider of business solutions to both the UK college market and importantly the Academy market, which is expected to grow substantially over the next two years, encouraged by government support," the company said. Miner GMA Resources enjoyed daily gold recoveries consistently over 85% at the former Tirek CIL plant, relocated to the Amesmessa mine site in Algeria a month ago."Equally encouraging is seeing the exploration program taking shape and I hope to be able to report some drill results by late October," said Interim CEO, Ken Crichton.Composting and energy plant operator TEG Group is lower after the firm swung to a first half loss of £376,000 versus a small profit of £55,000 a year ago. Revenues almost doubled to £8.8m and the underlying loss trimmed by 51% to £391,000, in line with expectations.Online technology services provider IS Solutions saw first half profits advance but promised even more to come in 2011 when the benefits of its collaboration with database software giant SAP start to feed through.Revenue in the first half of increased by 25.2% to £6.41m from £5.12m in the first half of 2009. Adjusted profit before tax increased by 18.8% to £0.25m from £0.21m a year earlier. The interim dividend has been edged up from 0.33p to 0.36p.Marine and property group Sutton Harbour Holdings has reached agreement on the sale of its wholly owned loss-making airline subsidiary, Air South West Limited, to Eastern International Airlines Limited. This transaction will result in a pre tax cash outflow of around £2m after transferring advance ticket sales and working capital balances. Air South West Limited had a net carrying value of £3.8m at the balance sheet date of 31 March 2010. With volcanic ash disruption and continued difficult trading conditions Air South West Limited has incurred pre tax losses of approximately £1.5m in this financial year to date. These amounts, together with the costs of the transaction, will be recognised as losses from discontinued activities in the current year financial statements.